Crude Oil Plummets Below $49 On Euro Zone Worries, Supply Glut

Crude oil prices continued to plunge Tuesday morning, falling to the lowest in more than five years amid a stronger dollar and renewed concerns about the future of the euro zone.

Toss in the fact that oil markets are oversupplied and crude prices will likely drop near $40 by months end, some analysts say.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February fell $1.39, or 3 percent, to $48.47 a barrel in the Globex electronic session.

Crude oil prices have plumetted from above $100 just this summer. Meanwhile, U.S. gasoline prices have fallen for 102 straight days, with the national average for a gallon of gas down to $2.18, according to GasBuddy.com.

The world's major oil suppliers show no signs of cutting production anytime soon, with Saudi Arabia and others willing to sweat out smaller rivals who cannot cope with $40-$50 oil for very long.

U.S. stocks suffered their worst drop in more than three months yesterday, and markets remain on edge this morning on speculation about probable exit of Greece from the Euro region.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
American Honda Motor Co, Inc. has recalled about 2,900 units of 2022 model year Honda TRX90X All-Terrain Vehicles (ATVs) sold in the United States for possible crash and injury hazard, according to a statement issued by the U.S. Consumer Product Safety Commission or CPSC. The Laundress, a unit of Conopco Inc. d/b/a Unilever, is recalling around 8 million laundry and household cleaning products citing risk of exposure to bacteria, U.S. Consumer Product Safety Commission. The recall involves Laundress laundry detergent, fabric conditioner and other cleaning products. Tesla Inc. has delivered its first Semi, a heavy-duty electric truck, to its customer PepsiCo Inc. during an event at its Nevada Gigafactory. The delivery of 500-mile fully electric Semi truck comes five years after the launch of the truck's prototype in 2017. During Thursday night's Semi Delivery Event at Tesla's Sparks, Nevada factory, CEO Elon Musk, with Dan Priestly, ...
Follow RTT