Crude prices retreat on worse-than-expected U.S. GDP data

NEW YORK, Feb. 27 (Chinese media) -- Crude prices retreated Friday as worse-than-expected U.S. GDP data stirred concerns over energy demand.

The Commerce Department said Friday that the U.S. economy contracted at a staggering 6.2 percent pace at the end of 2008, the worst showing in a quarter-century.

The report showed the economy sinking much faster the 5.4 percent decline economists expected.

The Energy Department said on Friday that it hopes OPEC, which cartel warned to cut more output, will consider the "global economic situation" when it reviews its policy March 15.

Light, sweet crude for April delivery fell 46 cents to settle at 44.76 U.S. dollars a barrel on the New York Mercantile Exchange. London Brent crude fell 16 cents to 46.35 dollars a barrel.