Oil sheds $1.48 a barrel |
| CNNMoney.com - Jan 21, 2008 |
Oil prices fell sharply Monday as fears over the U.S. economy drove down stock markets in Asia and Europe.
Further pressure came from concerns OPEC won't raise crude production levels.
Light, sweet crude for February delivery fell $1.48 to $89.09 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract rose 44 cents to settle at $90.57 a barrel on Friday.
In London, Brent crude futures fell $1.29 to $87.94 a barrel on the ICE Futures exchange.
Oil prices have now retreated more than $10 from a record above $100 a barrel early this year on worries a flagging U.S. economy would dampen fuel demand. Prices had gained Friday on hopes that U.S. President George W. Bush's economic stimulus plan would work.
Read Full Article from CNNMoney.com
- Posted: 2008-01-21 09:18:43
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