A new batch of lousy economic news dragged oil prices down nearly 8% today as signs from across the globe pointed to a prolonged and painful recession. Light, sweet crude for March delivery fell $2.87 to $34.64 a barrel on the New York Mercantile Exchange after settling at $37.51 on Friday. Nymex was closed yesterday.
Energy analysts said broader market concerns continue to weigh heavily on crude prices, even as President Obama prepared to sign into law the $787 billion stimulus package today. "The market doesn't seem to think that this plan is going to solve the economic problems in the short term," noted one.