Source: Reuters, Robert Gibbons (7/15/10)
"U.S. crude oil futures tumbled on Thursday."
"The market was looking for confirmation that growth was proceeding at a good pace, so when the numbers weren't a lot better than expected some of the optimism that has pushed prices up caused some profit taking," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut.
Factory activity growth in the U.S. Mid-Atlantic region fell unexpectedly this month, the Philadelphia Federal Reserve Bank said its business activity index dropped to 5.1 in July from June's 8.0.
Crude prices received little support from a weaker dollar. The dollar hit a two-month low against the euro and a basket of major currencies after soft inflation and manufacturing data sparked concern about the strength of the U.S. economy.
Data showing a third straight month with lower producer prices came a day after Federal Reserve meeting minutes showed policymakers think they may need to do help a sputtering economic recovery.