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... Read full story »

COMMENTS

Read the comment policy

You need to Log in to Newser to comment. Don't have an account yet? Sign up now!

5 comments

A snapshot of the day's best news stories.

View Larger Grid

All Today Yesterday Pick a Date

What's Popular Now on Facebook

'Serpent Pastor' Dies of Snake Bite

Miami Face-Eater Identified

Associated Press (Source Grid »)

Money • World

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

More Newser Stories

Iran Tensions Could Mean $5 Gas

Recent posturing has already sent price up 20%

(NEWSER) - Going to war with Iran would be an expensive proposition for America's drivers. Tensions over the country's nuclear ambitions have already pushed crude oil prices up 20% to a record winter high, energy experts tell the New York Times . That's translated to an average $3.73 per gallon at pumps nationwide, with prices well over $4 in California. Summer usually pushes prices around 20 cents higher, but tensions with Iran could tack on an extra 50 cents or more. More»

Geithner Open to Using Oil Reserves

But warns there's no 'quick fix' to rising gas prices

(NEWSER) - The Obama administration is open to using the strategic petroleum reserve if necessary to deal with rising gas prices, Timothy Geithner said in a CNBC interview, though he didn't sound terribly enthusiastic about the prospect, and warned that there was "no quick fix" to the problem. Gas prices are up 12 cents this week, and indeed shot up 3.5 cents overnight to a national average of $3.65, CNN reports. Geithner attributed that to improved growth expectations in the US, "and also Iran is doing a little saber rattling." More»

Dow Passes 13K Mark

Last time it did so: May 20, 2008

(NEWSER) - Huge milestone today: The Dow crossed the 13,000 mark, the first time since before the 2008 financial crisis that it has done so. The last time it made it above that milestone was on May 20, 2008, four months before Lehman Brothers went under. Behind today's bump: the finalized bailout deal for Greece, and strong corporate earnings reports from the likes of Home Depot, reports the AP . More»

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»

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

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

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

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Iran Tensions Could Mean $5 Gas

Recent posturing has already sent price up 20%

Geithner Open to Using Oil Reserves

But warns there's no 'quick fix' to rising gas prices

Dow Passes 13K Mark

Last time it did so: May 20, 2008

Stocks Jump 400+ on Trio of Good News

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

When Gadhafi Falls, Oil Prices Will Fall With Him

And stocks could 'soar': David Kotok

About Us

Site

Community

Site Maps

Tools

More News

What is Newser?