NCrude prices sink below $42
New York: Crude futures fell by nearly $ 3 a barrel as traders anticipated warmer weather in the US Northeast later in the week and brushed off any impact from the massive earthquake on Sunday off the coast of Indonesia, where the government oil company and Exxon Mobil Corp said operations and exports were continuing as normal.

Light, sweet crude for February delivery plunged $ 2.86, or 6 per cent, to settle at $ 41.32 a barrel on the New York Mercantile Exchange.

The earthquake and tidal wave that spread from southeast Asia to east Africa on Sunday was so far not a factor in oil markets, analysts and traders said, though future export delays are not out of the question.
Back to News Review index page