Money | oil prices Oil Slips Below $35 a Barrel Prices drop almost 8%; stocks down early on Wall Street By Newser Editors and Wire Services Posted Feb 17, 2009 11:47 AM CST Copied A customer pumps gas at a gas station in Menlo Park, Calif., Thursday, Feb. 12, 2009. (AP Photo/Paul Sakuma) 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. Read These Next People have thoughts on Charlie Kirk and are getting fired for them. Charlie Kirk's widow has a message for the world. Utah's governor asks a tough question after Kirk shooting. The new dividing line: Posts about Charlie Kirk Get breaking news in your inbox. What you need to know, as soon as we know it. Sign up Report an error