MW: Oil drops, paring big gains in previous session
rude-oil futures dropped Friday, paring their 14% gains in the previous session, as worries returned that a recessionary economy will cut into energy demand. Crude for February delivery was last down $2.38, or 5.3%, at $42.22 a barrel in early electronic trading on Globex. Oil ended last year's trading down 54%, the biggest yearly loss since futures started trading in New York in 1983.