HOUSTON (AP) — Oil prices tumbled below $49 Monday as unease about the economy — from Asia to Wall Street — raised doubts about the global appetite for energy.
Benchmark crude for May delivery fell more than 7.6 percent, or $3.97, to settle at $48.41 on the New York Mercantile Exchange.
In London, Brent prices fell $3.19 to settle at $47.99 a barrel on the ICE Futures exchange.
Gasoline futures plunged more than a dime a gallon.
Jim Ritterbusch, president of energy consulting group Ritterbusch and Associates, said he expects oil to fall as low as $47 in advance of the U.S. crude inventory report, the monthly unemployment report and a meeting of the Group of 20 world leaders in London, all this week.
"Late in the week, all hell could break loose, but I don't know whether it makes the market go up or down," Ritterbusch said. read more
Benchmark crude for May delivery fell more than 7.6 percent, or $3.97, to settle at $48.41 on the New York Mercantile Exchange.
In London, Brent prices fell $3.19 to settle at $47.99 a barrel on the ICE Futures exchange.
Gasoline futures plunged more than a dime a gallon.
Jim Ritterbusch, president of energy consulting group Ritterbusch and Associates, said he expects oil to fall as low as $47 in advance of the U.S. crude inventory report, the monthly unemployment report and a meeting of the Group of 20 world leaders in London, all this week.
"Late in the week, all hell could break loose, but I don't know whether it makes the market go up or down," Ritterbusch said. read more
