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Oil Briefly Falls Below $50 Per BarrelThursday January 18, 3:01 pm ET By Stan Choe, AP Business Writer
Oil Prices Briefly Fall Below $50 Per Barrel Amid Larger-Than-Expected Crude Inventories
NEW YORK (AP) -- Oil prices briefly fell below $50 per barrel Thursday for the first time since May 25, 2005, after the government reported larger-than-expected jumps in crude oil and gasoline inventories.
Light, sweet crude for February delivery fell to $49.90 in afternoon trading on the New York Mercantile Exchange. It spent only a few moments below the $50 threshold before climbing back to $50.40, down $1.84 from Wednesday's close.
"There's no doubt that this is significant," said Phil Flynn of Alaron Trading Corp. "If you're a bull, the only thing you can hold your hat on is they didn't close below $50."
San Diego Source