NEW YORK, April 28 (UPI) -- A long rally in crude oil prices faded in early Thursday trading following a string of reports showing lingering weakness in the global economy.
The U.S. Commerce Department reported real gross domestic product increased at an annual rate of 0.5 percent in the first quarter, down from the 1.4 percent growth rate in the fourth quarter. The slowdown followed statements from the U.S. Federal Reserve that inflation was below the long-term objective of 2 percent in part because of declines in energy prices.