Now $34 Crude Oil For Sale : New Multi-year LowSubmitted by SteveMT on Wed, 02/11/2009 - 17:48
Oil tumbles below $34 a barrel on economic fears
Thursday February 12, 3:22 pm ET
By Mark Williams, AP Energy Writer
Oil prices back below $34 per barrel with doubts over economic recovery
COLUMBUS, Ohio (AP) -- Oil prices slid to a new low for the year Thursday because of growing doubts that the $789 billion stimulus package will reinvigorate the U.S. economy and demand for energy.
Crude supplies in the U.S. reached an 82-week high last week, according to the Department of Energy, showing just how far demand has fallen.
In a sign that laid-off workers are having difficulty finding new work, the number of people claiming benefits for more than one week rose to 4.81 million from 4.78 million, the highest total since records began in 1967. The continuing claims data lags the new claims numbers by one week.
Oil prices tumble below $36 on bulging inventories
Oil prices plunge below $36 per barrel on report of building US stockpiles of crude
Dirk Lammers, AP Energy Writer
Wednesday February 11, 2009, 3:43 pm EST
SIOUX FALLS, South Dakota (AP) -- Oil prices plummeted below $36 Wednesday on more evidence that U.S. storage facilities are bulging with unused crude.
Light, sweet crude for March delivery fell $1.99 to settle at $35.94 a barrel on the New York Mercantile Exchange.
Oil closed under $40 Monday for the first time in several weeks, and has closed lower every day since.
A weekly report from the Energy Information Administration showed that crude inventories jumped by 4.7 million barrels for the week ended Feb. 6. That easily surpassed the expectations of analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos., who expected a boost of 3.4 million barrels.