|
|
Article: Layoffs pound oil prices
- Article from:
- Telegraph - Herald (Dubuque)
- Article date:
- December 19, 2008
- Author:
CopyrightCopyright 2008 Telegraph - Herald (Dubuque). Provided by ProQuest LLC. (Hide copyright information)
|
Oil continued its downward march Thursday as mass layoffs pushed
the U.S. economy deeper into recession, signaling a drastic pullback
on energy spending.Light, sweet crude for February delivery, fell
$2.94 to settle at $41.67 barrel on the New York Mercantile
Exchange. The January contract, which closes on Friday, fell 9
percent, or $3.84, to settle at $36.22 after dropping as low as
$35.98, levels last seen in June 2004.There is no demand for oil
right now, said analyst Peter Beutel of Cameron Hanover.Higher
prices for the February contract suggest that oil brokers and
traders believe OPEC's unprecedented 2.2 million-barrel daily
production cut, announced Wednesday, will tighten supply. ...