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Oil Drops Below $89 on Recession Fears

VIENNA, Austria -- Oil prices slumped Tuesday, dragged down by persistent concerns about the U.S. economy and global stock market declines, according to the Associated Press.

Energy investors often view stocks as a proxy for economic growth, and in some recent sessions, movements in the oil market have closely followed that of global equities.

Light, sweet crude for March delivery on the New York Mercantile Exchange lost $1.41 to $88.61 a barrel in electronic trading by aftenoon in Europe.

Posted by Peter C. T. Elsworth  at 9:20 AM to Crude oil market | Permalink

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