« Toyota, Japanese Carmakers Raise Output | Main | Oil Prices Rise Amid Mixed Output Signs »

Oil Off on Economy Fears, OPEC Forecasts

NEW YORK (AP) -- Oil prices plunged Tuesday, picking up downward momentum amid concerns that a slowing economy might reduce demand for crude just as OPEC members are considering an increase in production, according to the Associated Press.

Prices were also pressured by apparent progress at the Mideast peace summit in Annapolis, Md.

Light, sweet crude for January delivery dropped $3.28 to settle at $94.42 a barrel on the New York Mercantile Exchange. The contract is nearly $5 below its all-time high of $99.29 set last week.

Posted by Peter C. T. Elsworth  at 4:25 PM to Crude oil market | Permalink

Comments

Post a comment

Please be civil. Vicious comments, personal attacks and profanity won't be published.

Name:

Email Address:

URL:
Remember Me? YesNo

Comments: (you may use HTML tags for style)