Oil Falls on Global Economic Fears
March 20, 2007
New York crude oil prices fell below $57 a barrel — near a six-week low — Monday on fears a global economic slowdown would cut fuel demand is ahead.
Light, sweet crude for April delivery fell 52 cents, or 0.91 percent, to settle at $56.59 a barrel on the New York Mercantile Exchange.
Natural gas prices slipped 7.7 cents to $6.847 per 1,000 cubic feet. April heating oil closed roughly flat at $1.6884 a gallon.
April reformulated gasoline blendstock for oxygen blending jumped more than 5 cents to $1.9581 a gallon after trading as high as $1.97.
AAA said Monday the average U.S. retail regular unleaded gasoline price was $2.551 a gallon, down 0.02 cents from Sunday’s $2.553 a gallon.