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Friday, September 23, 2011

crude oil futures prices september 23 2011

crude oil futures prices september 23 2011 : Oil sank to the lowest level in more than six weeks as a pledge by Group of 20 nations to tackle rising risks failed to ease concern the global economy is on the brink of another recession.

Futures fell as much as 3.7 percent in New York, tumbling with other commodities and equities to extend yesterday’s 6.3 percent drop. Prices pared losses as equities and the euro trimmed declines amid speculation global central banks will take coordinated measures to prevent a financial crisis.

“The last couple of days have been pretty wild and it looks like a lot of fears about the economy continue to weigh on the market,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “The only thing that’s stemmed it is the dollar has turned and suddenly gone negative.”

Crude for November settlement fell 54 cents, or 0.7 percent, to $79.97 a barrel at 11:59 a.m. on the New York Mercantile Exchange. Earlier, it touched $77.55, the lowest price since Aug. 9. Futures are down 9.1 percent this week, headed for the biggest drop since the five days ended Aug. 5. Prices have fallen 12 percent this year.

Brent for November delivery fell 45 cents, or 0.4 percent, to $105.04 a barrel on the London-based ICE Futures Europe exchange.

The Standard & Poor’s 500 Index rose 0.5 percent to 1,134.68 after earlier declining as much as 0.7 percent. The Dow Jones Industrial Average gained 6.88 points to 10,740.71.For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today

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