OPEC is cutting output, but the U.S. economy is slowing and winter is near
Oil prices fell over $2 a barrel Thursday, as traders focused on the bearish aspects of conflicting market trends.
OPEC is cutting output, but the U.S. economy is slowing; winter is near, but the country has an abundance of home heating fuels.
Light sweet crude for December delivery fell $2.50 to settle at $56.26 a barrel on the New York Mercantile Exchange, the lowest settlement since Nov. 18, 2005.
London's January Brent crude futures declined by $2.07 to settle at $58.54 on the ICE Futures exchange.
Nymex natural gas for December delivery slid by 36.5 cents to settle at $7.755 per 1,000 cubic feet.
