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Oil Prices Climb After Overnight Slide

Oil prices rose today after an overnight slide, signaling diminishing concerns about a possible U.S. economic downturn and declines in world stock markets, according to the Associated Press.

Yesterday, the Nymex crude contract fell $2.33 to settle at $71 a barrel as investors turned their attention to the cooling U.S. economy and falling stock markets. In the U.S., the stock market tumbled in intraday trading as concerns about economic conditions were exacerbated by more bad news from the mortgage sector, and by dismal reports on housing construction and employment.

Posted by Peter C. T. Elsworth  at 9:37 AM to Oil | Permalink

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