Home / Markets / Commodities
Tuesday, February 10, 2009
Oil Stays Below $40 for Second Straight Day
By Kathryn Elizabeth Tuggle
FOXBusiness
Oil prices fell $2.01 to settle at $33.55 on Tuesday as the U.S. Treasury Department released sparse details regarding a program to raise an estimated trillion dollars that will be used to open up tight credit markets.
Also on the Nymex, heating oil fell 5 cents to settle at $1.30 per gallon, while gasoline futures fell less than one cent to $1.24 per gallon. Natural gas for March delivery fell to $4.54 per 1,000 cubic feet, a drop of 26.4 cents.
On the ICE Futures exchange in London, the Brent crude for March delivery fell $1.41 cents to settle at $44.61.
At the pump, consumers can expect to pay a bit more for a gallon of regular unleaded gasoline, which rose to $1.92 according
to motorist group AAA. Although gas prices are on the rise, gas still costs around $1.04 less than it did a year ago.
Since July, the price of light sweet crude oil has fallen over $100 per barrel on the New York Mercantile Exchange.
Although OPEC has made several recent cuts in oil production, and has completed 80% of the 4.2 million barrels worth of cuts announced in September. However, the Energy Administration released a report on Tuesday saying that there is ample oil in the current market and crude oil stocks grew by 27 million barrels since January. OPEC is scheduled to meet again on March 15.
Fox Business Video
-
-
The Crisis With 20/20 Hindsight
-
Nov 21, 2009
FOXBusiness.com LIVE
-
-
-
Jerry Rice Talks Career
-
Nov 21, 2009
NFL Receiver on career on the gridiron
-
-
-
John O'Hurley as Venture Capitalist
-
Nov 21, 2009
Comedian on life as venture capitalist
-
-
-
Excess Spending in Congress
-
Nov 21, 2009
Saving $100 Million
-
-
-
Cavuto Business Report 11-20-09
-
Nov 21, 2009
Business Report: Cavuto
-
