Oil fell as Spain’s economy contracted in the first quarter, putting the country into its second recession since 2009 and bolstering concern that fuel demand in the euro region will contract.

Futures dropped after the Madrid-based National Statistics Institute said today that gross domestic product shrank 0.3 percent in the first three months of this year, the same as in the previous quarter. The decline in crude prices accelerated as the dollar rose against the euro on an increase in U.S. consumer spending.

Crude oil for June delivery declined 0.41%  to $104.50 a barrel  on the New York Mercantile Exchange.

Brent oil for June settlement slipped 0.10% to $119.40 a barrel on the London-based ICE Futures Europe exchange.

С технической точки зрения стоит отметить, что цены на нефть сорта WTI находятся незначительно ниже важного сопротивления $105 за баррель, преодоление которого откроет дорогу к $108 и далее к максимумам 2012 года в области $110 за баррель.