Commodity Corner: Oil Resumes Slide
After showing some semblance of stability for the first trading day of the week, the price of a barrel of light sweet crude exhibited more volatility Tuesday.
Crude oil settled at $68.75 Tuesday, down $1.46 from the previous day. Fears about Europe's debt crisis, along with concerns about adverse economic impacts from simmering tensions between North and South Korea, caused the Dow Jones Industrial Average to take a 300-point dive to below 10,000 before closing above the five-digit mark. Similar fears contributed to the decline in oil prices, which traded between $67.15 and $69.91 Tuesday.
Concerns about political and economic instability as well as lukewarm demand and ample supplies kept natural gas futures with recent norms Tuesday. Natural gas settled at $4.05 per thousand cubic feet, a three-cent rise from Monday. The intraday high and low prices for gas were $4.05 and $3.99, respectively.
Motorists planning to travel during the Memorial Day holiday received good news Tuesday as the price of gasoline fell to $1.93 a gallon. The four-cent decline in the settlement price followed a day of trading between $1.90 and $1.96.