Oil prices continue slide
Posted: Sat Feb 11, 2012 1:28 amOil prices continue slide
« Thread Started on Nov 21, 2008, 4:28pm »
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Oil prices continue slide
Posted: 03:36 PM ET
By Ben Rooney
CNNMoney.com
NEW YORK (CNNMoney.com) — The price of oil fell Friday, settling at a 5 1/2-year low, as volatile stock prices raised concerns about waning global energy demand.
Light, sweet crude for January delivery fell 51 cents to close at $49.93 a barrel on the New York Mercantile Exchange. The decline brings oil to its lowest level since May 24, 2005, when it settled at $49.67 a barrel.
Friday’s retreat comes on the same day that retail gasoline prices fell below $2 a gallon for the first time in more than three years. The average price for a gallon of regular gas stood at $1.989 nationwide, according to a survey by AAA.
At $49.93 a barrel, the price of oil is down 66 percent from the summer’s peak price above $147 a barrel, and many analysts think it could fall further.
« Thread Started on Nov 21, 2008, 4:28pm »
--------------------------------------------------------------------------------
Oil prices continue slide
Posted: 03:36 PM ET
By Ben Rooney
CNNMoney.com
NEW YORK (CNNMoney.com) — The price of oil fell Friday, settling at a 5 1/2-year low, as volatile stock prices raised concerns about waning global energy demand.
Light, sweet crude for January delivery fell 51 cents to close at $49.93 a barrel on the New York Mercantile Exchange. The decline brings oil to its lowest level since May 24, 2005, when it settled at $49.67 a barrel.
Friday’s retreat comes on the same day that retail gasoline prices fell below $2 a gallon for the first time in more than three years. The average price for a gallon of regular gas stood at $1.989 nationwide, according to a survey by AAA.
At $49.93 a barrel, the price of oil is down 66 percent from the summer’s peak price above $147 a barrel, and many analysts think it could fall further.