Crude prices fall on recession concerns--

Crude prices fall on recession concerns

2008-01-16 11:01:19 [ Big Normal Small ] 　Comment

Crude futures fell sharply Tuesday on concerns that the U.S. economy is slowing and that demand for energy is likely to fall.

The Commerce Department said retail sales fell by 0.4 percent in December, much worse than the 0.1 percent analysts expected.

Light, sweet crude for February delivery fell 2.30 U.S. dollars to 91.90 dollars a barrel on the New York Mercantile Exchange.

Expectations that the Energy Department's weekly inventory report will show supplies of crude oil and refined products rose last week also weighed on futures prices.

In London, Brent crude futures fell 1.94 dollars to 90.98 dollars a barrel on the ICE Futures exchange.

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