Oil slides below $51 on profit-taking

Oil prices tumbled Monday to below $51 a barrel as investors cashed in on recent gains, while world stock markets fell and doubts grew about the size of output cuts by leading oil exporters.

Benchmark crude for May delivery was down $1.82 to $50.56 by midday in Europe in electronic trading on the New York Mercantile Exchange. The contract dropped $1.96 to settle at $52.38 on Friday.

In London, Brent prices were down $1.56 to $50.42 a barrel on the ICE Futures exchange.

Read Full Article from The Associated Press

- Posted: 2009-03-30 06:56:03

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