Oil down slightly, natural gas continues to drop
NEW YORK (AP) — Oil prices ended a little lower on Tuesday, as traders took their cue from U.S. stock markets and investors awaited the start of the earnings season.
Natural gas prices fell again following a report showing production is at record levels and mild early winter weather.
Benchmark oil fell 4 cents to finish at $93.15 a barrel in New York. The price was close to $94 a barrel earlier, but then followed the stock market lower. Alcoa posts fourth-quarter results after the markets close, the first of the major companies to announce earnings. Investors are concerned that many will have weak showings in the coming weeks, reflecting the economy's sluggish recovery.
Natural gas fell 5 cents to end at $3.22 per 1,000 cubic feet, continuing a decline that started Monday when the Energy Department reported that natural gas production rose to a record 73.54 trillion cubic feet a day in October. In addition some analysts lowered their estimates for natural gas prices because of the mild weather that much of the country experienced in November and December.
Business Photo Galleriesview all
- 101218Oklahoma tornadoes: The 'Big Dog,' the little boy and the hug that triumphs over tragedy
- 15357OKC Thunder: Kevin Durant tours Moore, meets with residents
- 13402Oklahoma tornadoes: ‘All I could do was sit there and hold her'
- 8724Line of storms brings flash floods to Oklahoma City area
- 8110How to help tornado victims
- 8098Oklahoma tornadoes: Love for Oklahoma generates big donation
- 8041Oklahoma tornadoes: Rams quarterback Sam Bradford leading aid effort