Oil slips below $35 per barrel with demand expectations bleak and global markets falling. Tuesday February 17, 2009, 4:19 pm EST
HOUSTON (AP) -- A new batch of lousy economic news dragged oil prices down nearly 7 percent Tuesday, as signs from across the globe pointed to a prolonged and painful recession. Light, sweet crude for March delivery fell $2.58 to settle at $34.93 a barrel on the New York Mercantile Exchange. A number of other commodities fell hard too as people sought less volatile investments.
"The recession is getting worse in their eyes," said Phil Flynn, an analyst at Alaron Trading Corp. "We've gone from a year when we didn't think we were going to have enough of any commodity to a situation where we're going to end the year with oversupply." Energy analysts at Raymond James & Associates said broader market concerns are depressing crude prices, even as President Barack Obama on Tuesday signed the $787 billion stimulus package into law.
"The market doesn't seem to think that this plan is going to solve the economic problems in the short term," Raymond James said in a note to clients Tuesday.
Stocks took a nosedive in trading Tuesday, as Wall Street reacted to unsettling news from the automotive and retail fronts, as well as slumping markets from Asia to Europe. more...
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