Oil falls on economic jitters, Italy election
BANGKOK — Global economic jitters and the prospect Italy will reignite Europe's debt crisis dragged oil down to near $92 a barrel Tuesday.
Benchmark crude for April delivery was down 89 cents at $92.22 per barrel at midafternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 2 cents to settle at $93.11 on Monday.
Markets were rattled by the possibility of political paralysis in Italy after near-complete results in crucial national elections showed no clear front-runner. The uncertainty bodes ill for the nation's efforts to pass the tough reforms it needs to overhaul its debt-laden economy. That could reignite Europe's long-simmering crisis of confidence in the euro common currency.
Adding to the downbeat mood were weak manufacturing figures from China on Monday and looming spending cuts in the U.S. as political leaders in Washington remain at odds over how quickly to trim the budget deficit.
In London, Brent crude was down 82 cents at $113.62 on the ICE futures exchange.
In other energy futures trading on Nymex:
— Wholesale gasoline was down 3.7 cents at $3.227 a gallon.
— Heating oil dropped 2.6 cents to $3.072 a gallon.
— Natural gas rose 2.5 cents to $3.439 per 1,000 cubic feet.
- Share Facebook Twitter
Article sent to (required)E-mail
Article sent from (required)E-mail Name
Subject Line (article title)
Message (optional)Success - Article sent Click to close
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.Need more information about reprints? Visit our Reprints Section for more details.
Contact information ( * required )Name * Company Telephone * E-mail *
Article InformationTitle URL
Message (optional)Success - Reprint request sent Click to close