Oil closes lower for 4th session in 5 on U.S. recession concerns

January 11th, 2008 | Category: Commodities, China, Canada, Middle East, Mexico

Oil Friday closed down $1.21 to $92.50 as concern that a U.S. recession would dampen both oil and gasoline demand again weighed on the markets.

The other major energy commodities plus retreated. Heating oil fell about 2 cents to $2.53, unleaded gasoline declined about 4 cents to $2.32, and natural gas fell about 7 cents to $8.20 per million BTUs.

Oil closed lower for the fourth duration in five sessions amid a broad retreat in the U.S. fairness markets — sell-offs that occurred

despite positive news from U.S. Federal Reserve Ben Bernanke that the Fed is ready to cut key interest rates further and the Bank of America Corporation (NYSE: BAC)’s announced buy of beleaguered mortgage lender Countrywide Financial Corporation (NYSE: CFC) for $4 billion.

Continue reading Oil closes lower for 4th session in 5 on U.S. recession concerns

Original post by Joseph Lazzaro

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