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Article: Oil falls to near $49 amid uncertain outlook
- Article from:
- AP Online
- Article date:
- April 27, 2009
- Author:
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Oil prices fell toward $49 a barrel Monday in Asia as investors, groping for guidance amid a severe recession, took back Friday's gains.
Benchmark crude for June delivery was down $2.14 to $49.41 a barrel by late afternoon in Singapore, in electronic trading on the New York Mercantile Exchange. The contract Friday jumped $1.93 to settle at $51.55.
Oil has traded near $50 a barrel this month, about a third of its record high in July, as the global economy remains weak and traders grapple with an uncertain outlook for recovery.
"It's range-bound trading. The market's just not going anywhere right now," said Jonathan Kornafel, Asia director for market maker ...