Crude futures down more than 3% at the close
Enviado: 12/4/2005 20:11Crude futures down more than 3% at the close
DALLAS (MarketWatch) -- The benchmark crude-oil contract closed more than 3% lower Tuesday, after the International Energy Agency suggested the peak may have come in oil prices. May crude fell 3.4%, or $1.85, to close at a 7-week low of $51.86 per barrel.
"It seems like the selling was essentially because of the report," said Phil Flynn, senior market analyst at Alaron.com.
Flynn said a fall to $50 is possible if the U.S. supply data issued Wednesday indicates a bearish trend in inventories. "The IEA has historically underestimated demand," Flynn said.
DALLAS (MarketWatch) -- The benchmark crude-oil contract closed more than 3% lower Tuesday, after the International Energy Agency suggested the peak may have come in oil prices. May crude fell 3.4%, or $1.85, to close at a 7-week low of $51.86 per barrel.
"It seems like the selling was essentially because of the report," said Phil Flynn, senior market analyst at Alaron.com.
Flynn said a fall to $50 is possible if the U.S. supply data issued Wednesday indicates a bearish trend in inventories. "The IEA has historically underestimated demand," Flynn said.