World Business

Crude prices retreat after downgrade on Spain's rating

(Xinhua)
Updated: 2010-05-29 10:52

NEW YORK - Crude prices fell Friday on a downgrade of Spain's credit ratings and disappointing US economic data.

Related readings:  Crude prices rebound from seven-month low  Crude prices rise above $86  Crude prices rally on upbeat economic data  Crude prices fall on Europe's debt woes

Fitch Ratings downgraded Spain's credit ratings by one notch on Friday, saying the country's economic recovery will be more muted. The euro fell against the US dollar after the downgrade.

The Commerce Department said Friday that US consumer spending was unexpectedly flat in April while the Institute for Supply Management-Chicago said its index of Midwest business activity fell in May.

Light, sweet crude for July delivery was down 58 cents to $73.97 per barrel on the New York Mercantile Exchange.