Market News
Oil retreats as US, China growth concerns weigh - REUTERS
By Florence Tan and Emily Chow
SINGAPORE, May 19 (Reuters) - Oil prices slipped on Monday, weighed down by Moody's downgrade of the U.S. sovereign credit rating and official data that showed a slowdown in the pace of China's industrial output and retail sales.
Front-month Brent crude futures edged down 51 cents, or 0.8%, to $64.90 a barrel by 0630 GMT while U.S. West Texas Intermediate crude dropped 45 cents, or 0.7%, to $62.04 a barrel. The front-month June WTI contract expires on Tuesday and the more-active July contract fell 48 cents, or 0.8%, to $61.49 a barrel.
