Oil falls toward $95 on U.S., Europe growth fears
By The Associated Press
Published: Monday, Feb. 18, 2013, 8:09 a.m.
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.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- More women seize opportunities to start businesses
- Meat prices drain barbecue budgets
- Low pay, commutes among top stressors
- Salad dressing company manages growth
- Record cold facilitates coal’s comeback
- Lawsuit challenges Hollywood standard of unpaid internships
- Retailers tailor store experience to phones
- Investment in Western Pa. startups reaches 5-year high
- Chocolate prices expected to soar as ingredients grow more expensive
- Pa. unemployment rate falls to lowest since 2008; 12,000 more enter workforce
- Squeezed by competition, Chobani to expand offerings