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Article: Oil well below $40; consumer confidence plunges
- Article from:
- AP Worldstream
- Article date:
- February 24, 2009
- Author:
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Oil hovered below $39 Tuesday with the release of more bad housing news and a dismal U.S. government report suggesting that consumer confidence is in free fall.
Consumers and businesses have slashed spending on energy and on Wednesday, the government is expected to report that U.S. inventories of unused crude continued to grow over the past week.
Light, sweet crude for April delivery in early afternoon trading had risen 48 cents to $38.92 on the New York Mercantile Exchange, but only after prices fell 4 percent Monday.
Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates, said traders are continuing to look at large and building crude stockpiles, ...