TribLIVE

| Business


Larger text Larger text Smaller text Smaller text

Oil falls toward $95 on U.S., Europe growth fears

About The Associated Press
The Associated Press 212-621-1500
Associated Press
The Associated Press


Contact Us | Video | RSS | Mobile



By The Associated Press

Published: Monday, February 18, 2013, 8:09 a.m.
 Updated: Monday, February 18, 2013

BANGKOK — The price of oil fell to near $95 a barrel Monday after U.S. industrial production weakened and Europe remained mired in recession.

Benchmark crude for March delivery was down 28 cents to $95.58 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.45 to finish at $95.86 a barrel on the Nymex on Friday.

Brent crude, used to price many varieties of foreign oil, rose 9 cents to $117.75 per barrel in London.

The Federal Reserve said Friday that U.S. factory production slowed in January, mostly because of a big drop in output at auto factories. Most analysts think the slowdown is temporary, but it was enough to raise concern about the still-sluggish economic recovery.

Traders were also concerned about a deepening recession across the economy of the 17 countries that use the euro. Their combined economic output shrank by 0.6 percent in the final quarter of 2012 from the previous three-month period. The decline was bigger than the 0.4 percent drop expected and the steepest fall since 2009.

In other energy futures trading on the Nymex:

• Heating oil fell 0.7 cent to $3.204 a gallon.

• Wholesale gasoline rose 0.3 cent to $3.319 a gallon.

• Natural gas rose 0.4 cent to $3.159 per 1,000 cubic feet.

Most Popular Business Headlines

  1. Highmark faces lawsuit that alleges it conspires to inflate premiums
  2. Loyalty programs devise new ways to woo shoppers
  3. UPMC will cut 100 transcribers’ jobs
  4. College students unite to rally against institutional investment in fossil fuels
  5. Turbo makes stealthy, spirited Buick Verano
  6. Sensors can develop faulty connections
  7. Profit drops 29 percent in first quarter at American Eagle Outfitters
  8. ESPN cutting workforce, ‘smartly managing costs’
  9. Dick’s earnings rise 13 percent, but sales disappoint
  10. Retired UPMC surgeon sues surgical device maker over patents
  11. Pittsburgh lawmaker pitches bill to raise state’s film tax credit cap to $100M
You must be signed in to add comments

To comment, click the Sign in or sign up at the very top of this page.

There are currently no comments for this story.
Subscribe today! Click here for our subscription offers.