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Article: Oil falls below $71 ahead of US retail reports
- Article from:
- AP Online
- Article date:
- August 10, 2009
- Author:
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Oil prices fell below $71 a barrel Monday ahead of this week's U.S. consumer spending data that could shed light on the strength of the economic recovery.
Benchmark crude for September delivery fell 33 cents to settle at $70.60 a barrel on the New York Mercantile Exchange.
The government this week will report July retail sales, and Wal-Mart Stores Inc. and Macy's Inc. will announce their second quarter results.
Friday's news that the U.S. unemployment rate fell to 9.4 percent in June sent stock markets surging, but crude prices still fell $1.01 to $70.93.
A strengthening economy prompts consumers and businesses to spend more on energy, but oil has also been a ...