The price of oil fell Thursday, as investors sold off commodities with the stock market surging toward a record high.
U.S. light, sweet crude fell 71 cents to finish at $92.05 a barrel on the New York Mercantile Exchange. Gold, which investors often buy in uncertain economic times, fell more than $20 an ounce with encouraging economic news and a rising stocks. Silver and platinum dropped as well. The metals sell-off in commodities markets helped pull down oil.
The government slightly revised upward its estimate of fourth-quarter U.S. economic growth. The U.S. economy grew at a 0.1 percent annual rate from October through December, the Commerce Department said. That's the weakest performance in nearly two years. But economists believe a steady housing rebound, stronger hiring and solid spending by consumers and businesses are pushing economic growth higher in the current quarter.