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Oil falls below $50 a barrel O9 g0 O) C' M) M, {: U2 w
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The wild swing in the price of oil continued Thursday as crude dipped briefly under $50 US a barrel.
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7 o2 y* I' F1 D% H0 L1 QThe swing below the $50-mark was short as light sweet crude oil for January delivery later traded on the New York Mercantile Exchange at $50.20, down $3.42 from Wednesday's close.
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Oil has not been below $50 since Jan. 18, 2007.; d. f$ O( c5 ?4 _6 c: s" x
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Economic worries have sent oil spiralling downward from the peak of $147.27 a barrel it hit back in July. A weakened economy has crimped demand for petroleum products in the U.S.
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6 z# Z, V( @8 g6 R"People are saying this slowdown could be the worst since the Great Depression," said Toby Hassall, an analyst with investment firm Commodity Warrants Australia. "There's definitely fear out there that it's going to be pretty severe." |
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