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Oil prices smashed on economic worries, stronger US dollar. Dubai finds new oil field

5-Feb-2010

Oil prices slumped 5% on Thursday, dropping USD3.84 per barrel in New York (the biggest one-day fall since Jul-2009), to settle at USD73.14. Growing concerns about debt-laden European economies and rising US unemployment claims have sparked a commodities sell-off this week, while a stronger US dollar has exacerbated oil's falls. [472 words]

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Subheadings:

  • Still way above levels last year

Graphs and data:

  • WTI spot price: Jan-2009 to Dec-2009
  • Daily jet fuel prices (kerosene, cents per gallon) at New York, US Gulf Coast, Los Angeles, Amsterdam, Singapore: Jun-2009 to Feb-2010
  • Daily jet fuel prices (kerosene, cents per gallon) at New York, US Gulf Coast, Los Angeles, Amsterdam, Singapore vs Crude Spot price (WTI, USD per barrel): 26-Jan-2010 to 02-Feb-2010
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