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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Aug 01, 2009
Page
3
The Commerce Department reports a 1 percent annualized GDP drop for April through June, better than forecasts and signaling the longest postwar recession may be ending. After a 6.4 percent fall in Q1, the economy has contracted four straight quarters, with consumer spending restrained by unemployment and lower home values.
Benchmark crude for September delivery rose 2.51 to 69.45 as July ended with a monthly decline for the first time since January. Analysts cited ample supply and cooling demand as factors, with volatility evident as the dollar weakened.
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