Oil gives up early gains on more bad economic news
Editor | Jan 06, 2009 | Comments 0
MARK WILLIAMS The Associated Press COLUMBUS, Ohio – Oil prices gave up early gains Tuesday as fresh signs of a deepening U.S. recession trumped tensions in the Middle East and worries over natural gas shortages in Europe. Light, sweet crude for February delivery rose 6 cents to $48.87 a barrel in trading on the New York Mercantile Exchange. Prices had risen as high as $50.47, the highest point since Dec. 1, before the National Association of Realtors reported that pending home sales fell to the lowest level on record in November. The plummeting stock market and faltering economy has led potential buyers to hold back. In a separate report, the government said orders to factories fell for a…
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