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Article: Oil Prices Drop Toward $49 a Barrel
- Article from:
- AP Online
- Article date:
- May 2, 2005
- Author:
CopyrightThis material is published under license from the Associated Press. All inquiries regarding rights should be directed to the Associated Press. (Hide copyright information)
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GEORGE JAHN, Associated Press Writer
AP Online
05-02-2005
VIENNA, Austria AP) _ Oil prices slipped close to $49 a barrel Monday, falling to levels last seen in February on rising U.S. supplies and slower economic growth.
Analysts said increased stocks and growing OPEC production were behind the downward drift, adding that _ while the era of expensive oil was not over _ prices could fall some more in the coming weeks.
The light, sweet crude contract for June on the New York Mercantile Exchange fell 59 cents to $49.13 a barrel by late morning in Europe. Unleaded gas fell two cents to $1.4750 a gallon.
Brent crude was not trading, with London's International Petroleum Exchange closed because of ...