Tuesday, December 30, 2008

Oil Down $1 On Grim Economic Outlook

A woman fills petrol into her car at a filling station in Puchheim westward of Munich in this December 12, 2008 file photo. (Michaela Rehle/Reuters)

From Yahoo News/Reuters:

NEW YORK (Reuters) – Oil prices fell $1 on Tuesday as fear about demand in a sickly world economy outweighed expectations of further Saudi supply cuts in February and tension in the Middle East due to the Israeli-Hamas conflict.

The market took in data showing a sharp fall in weekly U.S. retail gasoline demand, and record low consumer confidence in the world's largest energy user in December.

U.S. crude settled down 99 cents at $39.03 a barrel. London Brent settled down 40 cents at $40.15.

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