Oil prices rally to settle above US$52
Oil prices rally to settle above US$52 after session that saw new 19-month lows
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A barrel of crude hasn't settled below $50 since May 24, 2005. But prices came close Tuesday, sliding as low as $50.28 in early trading before recouping the losses. The price of crude has plunged 14 per cent since the year began due to weeks of unusually warm weather in the Northeast and an influx of short positions in the market, or bets that prices would fall.
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A barrel of crude hasn't settled below $50 since May 24, 2005. But prices came close Tuesday, sliding as low as $50.28 in early trading before recouping the losses. The price of crude has plunged 14 per cent since the year began due to weeks of unusually warm weather in the Northeast and an influx of short positions in the market, or bets that prices would fall.
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posted by Blue @ 8:03 PM
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