Commodity Online
MUMBAI: Crude oil fell in New York, extending its worst yearly drop, on concern that a global economic contraction will limit fuel demand. Fuel consumption in the U.S., the world’s biggest economy, was down 3.7 percent during the four weeks ended Dec. 26 from a year earlier, according to the Department of Energy.
Crude oil for February delivery dropped as much as $2.29, or 5.1 percent, to $42.31 a barrel in after-hours electronic trading on the New York Mercantile Exchange.
Oil jumped 14 percent on Dec. 31 after a report showed U.S. fuel stockpiles climbed less than expected and the conflict between Israel and Hamas raised concern Middle East supplies may be disrupted.
