Crude prices fall on weak U.S. retail sales
Crude prices fell on Friday due to a report on an unexpected fall in May retail sales in the United States, Xinhua reported.
The U.S. Commerce Department reported that total retail sales fell 1.2 percent in May after April's upwardly revised 0.6 percent rise. It was the first decline since September.
The consumer sentiment report helped the dollar strengthen against the yen and euro, while putting pressure on the energy prices.
A report released on Friday showed China's industrial output slowed in May from April, fueled concerns that economic growth in the second largest energy consumer may slow.
Light, sweet crude for July delivery fell 1.70 U.S. dollars, or 2.25 percent, to settle at 73.78 dollars a barrel on the New York Mercantile Exchange.
In London, ICE Brent fell 94 cents to settle at 74.35 dollars.