BLBG: Oil Falls in New York as Economic Slowdown May Cut Fuel Demand
By Mark Shenk
Nov. 21 (Bloomberg) -- Crude oil in New York fell, erasing an earlier gain, on speculation fuel demand will drop as world economies slip into recession.
Crude oil for January delivery fell 72 cents, or 1.5 percent, to $48.90 a barrel at 11:03 a.m. on the New York Mercantile Exchange. Prices touched $48.25, the lowest since May 23, 2005. Futures have dropped 67 percent since reaching a record $147.27 on July 11.
Brent crude oil for January settlement increased 23 cents to $48.31 a barrel on London's ICE Futures Europe exchange. Futures touched $47.40, the lowest since Feb. 22, 2005.
To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net
