US GDP data can’t pull oil prices higher

Crude oil prices fell Friday on a stronger US dollar and despite a new report from the US Commerce Department which showed that the gross domestic product was up 5.7 percent in the fourth quarter of 2009.

Despite the gains in the GDP, there is little evidence that energy consumption in the United States is beginning to recover.

March contracts for West Texas Intermediate crude were 76 cents lower to $72.88 per barrel at about fifteen minutes before the close of floor trade on the New York Mercantile Exchange, while at last report March Brent crude had dropped 29 cents to $71.84 per barrel on the ICE Futures Exchange in London.

Also hurting prices was concern about several economies in the Eurozone, as Greece and European Union authorities both said there had not been any conversations about a bailout of the troubled Greek economy, which is now carrying a deficit of 12.7 percent.

Additionally, Spain, Portugal and Ireland all also have large deficits, with Spain reporting today that its deficit is now at 11.4 percent of its GDP.

Nymex March gasoline futures were down a cent to $1.92 per gallon, while March heating oil also fell a cent, to $1.92 per gallon, while March natural gas dropped 2 cents to $5.12 per million British thermal units.

The price of a gallon of gasoline at the pumps in the US dropped another half-cent overnight to $2.685 per gallon on average.