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Oil falls near $79 on US crude demand worries

The Associated Press -- NEW YORK — Oil prices tumbled to near $79 a barrel Monday, dragged down by a stronger dollar and increasing investor concerns about energy demand.

Energy prices fell across the board, with benchmark crude contracts for April delivery sliding $1.65 to $79.59 a barrel on the New York Mercantile Exchange. Earlier, crude dipped as low as $79.16. It's been nearly two weeks since prices dropped below $80.

MF Global analyst Mike Fitzpatrick said, "A great deal of skepticism is creeping into the market about the sustainability of a market recovery," which has fueled concerns that consumers will keep their cars parked and watch their energy use closely.

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Submitted Mar 15, 2010 By: sphere68

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alterman156 Champion Author New York Posts:2,300 Points:543,525 Joined:Dec 2008	Message Posted: Mar 15, 2010 8:52:36 PM Ignore alterman156 Report Abuse Will oil prices keep falling? I'm not betting on it.
SpaceAce5 Veteran Author South Dakota Posts:300 Points:66,245 Joined:Feb 2010	Message Posted: Mar 15, 2010 7:26:45 PM Ignore SpaceAce5 Report Abuse keep falling
Night Owl Champion Author Toronto Posts:2,535 Points:796,440 Joined:Jul 2004	Message Posted: Mar 15, 2010 6:47:07 PM Ignore Night Owl Report Abuse Some good news. But oil prices are still way too high.
sphere68 Sophomore Author KW Posts:128 Points:121,255 Joined:Dec 2009	Message Posted: Mar 15, 2010 1:02:27 PM Ignore sphere68 Report Abuse "Even so, motorists face steeper pump prices... drivers could pay as much as $3.25 a gallon." Demand goes up and price goes up. Demand goes down and price still goes up. [Edited by: sphere68 at 3/15/2010 2:04:33 PM EST]