The price of oil went down below $80 per barrel level on Friday after the data showed that the US has not grown as fast as it was expected. In fact it did worse off than the last quarter.

As per the data given by the Commerce Department, the US economy grew by just 5.6 per cent annual rate. The expected figure was 5.9 per cent.

While this is the fastest rate of growth that has appeared in last seven years, the rate shows that the economic recovery is not happening as fast as it should have.

Looking at this, the rate of crude oil for the month of May was at $80 per barrel. This was 53 cents lower than its opening price, thus reversing the gains.

Experts believe that the slow growth rate is the after effects of the fiscal crisis in Greece. The sentiments which had been going up till now have been significantly lowered because of the concerns about Euro and the European economy.

Moreover, the consumers in US are facing the double-edged sword of high rate of unemployment and tough credit standards.