Hot on Facebook

Guy Buys $123 Safe on eBay, Finds $26,000 Inside Seller tries to get half the cash back, fails »

Oil Slips Below $35 a Barrel

Prices drop almost 8%; stocks down early on Wall Street

By the Associated Press

Posted Feb 17, 2009 11:47 AM CST

(AP) – 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.

[Images (3)]

[Quotes (1)]

A customer pumps gas at a gas station in Menlo Park, Calif., Thursday, Feb. 12, 2009. (AP Photo/Paul Sakuma)

The sun sets on oil facilities Saturday, Feb. 7, 2009, in the desert oil fields of Sakhir, Bahrain. (AP Photo/Hasan Jamali)

People work at an installation at the Zubair Moshrif oil field, southeast of Baghdad, Iraq, in this Thursday, July 3, 2008 file photo. (AP Photo/Nabil al-Juran, FILE)

« Prev« Prev | Next »Next » Slideshow

The economic and inventory data paint a bleak picture for oil demand. Since the beginning of the year, the outlook has worsened. - Victor Shum, an energy analyst at consultancy Purvin & Gertz in Singapore

« Prev« Prev | Next »Next » Slideshow

To report an error on this story, notify our editors.

OTHER STORIES ON OUR RADAR

Getty Images

35 Brutally Honest Reasons Men Say No to Sex (The Stir)

Man in Mugshot Explains Why He Has Half a Head (HuffPost)

These Exes Were Spotted Making Out … and That's a Bad Thing (Bleacher Report)

Help! I'm Having an Incestuous Relationship With My Twin (Slate)

Which Celeb Dedicated Song to Her Famous Husband Despite Divorce Rumors? (NewsOne)

Partner Links

A snapshot of the day's best news stories.

View Larger Grid

All Today Yesterday Pick a Date

COMMENTS

Read the comment policy

Showing 3 of 5 comments

Guest

Feb 17, 2009 2:56 AM CST

The only way to control the oil companies will take a basic change in the way we live and work. If you think electric cars will solve the problem, wait until enough electrics get on the road and watch the electricity prices go up. Surely you don't think the utilities are any nicer? Let's nationalize the oil co.'s and pay the CEO's what they are really worth....who knows, it may work

AmericaPrevails

Feb 17, 2009 1:15 AM CST

Especially in NY! $2.30 still, rediculous! !

drlarrymitchell

Feb 17, 2009 12:34 AM CST

Because, even with the world economy tanking, the oil companies like to SCREW YOU.

What's Popular Now on Facebook

E-Cigarette Explodes in Man's Mouth

Guy Buys $123 Safe on eBay, Finds Major Cash Inside

Associated Press (Source Grid »)

Money • World

stock market • Wall Street • global market • crude oil • economic stimulus package • oil prices

More Newser Stories

Stocks Jump 400+ on Trio of Good News

Central banks and China make moves, private-sector employment jumps

(NEWSER) - The market took a major jump at open on the announcement that six central banks were moving to make it easier for European banks to get dollars, with the Dow rising 322 points to 11,877, reports the Wall Street Journal . As of 9:55am, it was up 405 points. The S&P 500 and Nasdaq rose as well, 32 and 69 points, respectively. The central banks' announcement was just one part of a trio of good economic news items, reports the Journal. More»

When Gadhafi Falls, Oil Prices Will Fall With Him

And stocks could 'soar': David Kotok

(NEWSER) - If the rebels succeed in taking Moammar Gadhafi down, expect oil prices to follow suit—which means stocks could skyrocket, writes analyst David Kotok at Business Insider . An end to the Gadhafi regime would likely allow Libyan oil production to rebound to a pre-crisis daily output of 1.6 million barrels. In that scenario, oil prices will fall worldwide as oil futures climb, and the US and other economies will get a big boost, explains Kotok, because "the oil price acts like a sales tax on consumption." More»

Stock Rally Stutters

Falling futures mean we're not out of the woods

(NEWSER) - Global stocks were up early today following an uptick on Wall Street in the wake of the Fed's pledge to keep interest rates low. But it wasn't clear if the rebound would hold. Asia rates climbed and modest hikes marked Britain's FTSE 100 index (up .2%) and Germany's DAX (up .9%), though the CAC-40 in Paris was down .3%, and the the Euro Stoxx 50 index of euro zone blue chips opened higher but was down .4% by mid-morning. More»

Halliburton Earnings Shoot Up 54%

Oil giant credits strong demand

(AP) - Halliburton says the expansion of oil and natural gas drilling in North America helped boost company earnings by nearly 54% in the second quarter. Revenue also hit a company record for the period. The Houston oil services giant reported earnings of $739 million, or 80 cents per share today, with revenue jumping 35.2% to $5.94 billion. More»

Bernanke Clarifies Stimulus Talk, Markets Tumble

Fed isn't ready to take action soon

(NEWSER) - Wall Street semantics: Yesterday, Ben Bernanke appeared before Congress and mentioned the word "stimulus." His remarks were widely interpreted to mean that the Fed was poised to take action to bolster the economy, and the markets rose in response. Today, Bernanke resumed testimony and made clear the Fed wasn't considering stimulus measures anytime soon, reports AP . Markets, which had been up 90 points, immediately tumbled, and the Dow was down about 50 points in its final hour. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Oil Slips Below $35 a Barrel