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
Oil Slips Below $35 a Barrel
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.
(More oil prices stories.)

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