Crude oil fell for a third day in New York on signs that the slowing U.S. economy will cut fuel demand in the world's biggest energy consuming country.
Oil is likely to slide further this spring as slowing economic growth encourages traders to exit commodity markets, Goldman Sachs Group Inc. said in a report on March 20. A government report on March 19 showed that U.S. fuel demand in the four previous weeks was down 3.2 percent from a year earlier.
``We can look forward to a continuation of the commodity downtrend we saw last week,'' said Eric Wittenauer, an energy analyst at Wachovia Securities in St. Louis. ``The economic slowdown and concern about demand are pushing prices lower.''
Crude oil for May delivery fell 31 cents, or 0.3 percent, to $101.53 a barrel at 11:06 a.m. on the New York Mercantile Exchange. Futures prices rose to $111.80 a barrel on March 17, the highest since trading began in 1983. Oil is up 63 percent from a year ago.
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