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Oil has dropped to around $51 a Barrel - 19 month low
Oil Prices Waver Around $51 a Barrel
Wednesday January 17, 12:10 PM EST
NEW YORK (AP) — Oil prices wavered Wednesday — sliding to new 19-month lows then recovering slightly — as the market weighed comments by Saudi Arabia's oil minister that further OPEC production cuts were not needed due to growing worldwide demand.
"I think the market is just trying to take a breath today," said Andrew Lebow, senior vice president of Man Financial Inc.
Light sweet crude futures for February delivery rose 13 cents to $51.34 in midday trading on the New York Mercantile Exchange. The contract slid as low as $50.28 in earlier trading, a new 19-month low, before recovering.
Forecasts of ample stocks contributed to the earlier decline, with U.S. inventory figures, to be released Thursday, expected to show increases across the board — crude, gasoline and distillates, such as diesel and heating oil.....
http://finance.myway.com/jsp/nw/nwdt...8mn5hgo1&.html
Wednesday January 17, 12:10 PM EST
NEW YORK (AP) — Oil prices wavered Wednesday — sliding to new 19-month lows then recovering slightly — as the market weighed comments by Saudi Arabia's oil minister that further OPEC production cuts were not needed due to growing worldwide demand.
"I think the market is just trying to take a breath today," said Andrew Lebow, senior vice president of Man Financial Inc.
Light sweet crude futures for February delivery rose 13 cents to $51.34 in midday trading on the New York Mercantile Exchange. The contract slid as low as $50.28 in earlier trading, a new 19-month low, before recovering.
Forecasts of ample stocks contributed to the earlier decline, with U.S. inventory figures, to be released Thursday, expected to show increases across the board — crude, gasoline and distillates, such as diesel and heating oil.....
http://finance.myway.com/jsp/nw/nwdt...8mn5hgo1&.html
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