Benchmark Crude Contract Down Again

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Wednesday, February 18, 2009 at 08:54PM

Correspondent Derek Armstrong

The US benchmark crude contract plunged 4.3% in advance trading today after riding at $37 per barrel.

Natural gas also continued a downward trend, dropping 4.1% in New York. Much of the trend was expected by analysts who point to broad market concerns and lack of confidence in the $787 billion stimulus package, signed into law by President Barack Obama.

The average price for OPEC’s basket of 12 reference crudes sank to $41.49/bbl as of Feb. 16.

OPEC,

Oil & Gas,

United States |

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