Oil plunges more than $3 after holding gains most of day

Written By empapat on Senin, 17 September 2012 | 12.24

A gas flame burns behind oil field workers, May 30, 2011, in the desert oil fields of Sakhir, Bahrain. THE CANADIAN PRESS/AP, Hasan Jamali

A gas flame burns behind oil field workers, May 30, 2011, in the desert oil fields of Sakhir, Bahrain. THE CANADIAN PRESS/AP, Hasan Jamali

NEW YORK, N.Y. - Oil is suddenly down more than $3 per barrel after holding small gains most of the day.

Benchmark crude fell $3.10, or 3.2 per cent, to $95.90 in afternoon trading on the New York Mercantile Exchange, the drop happened in a 20-minute span and at one point it was down $4 a barrel.

That's its biggest intraday swing since early August.

Oil rose 2.7 per cent last week after getting a boost from the U.S. Federal Reserve's latest plan to boost the U.S. economy.

Oil had been holding steady above $99 for most of the morning.

Brent crude, which is used to price international varieties of oil, is down significantly as well. The contract lost $4.13, or 3.5 per cent, to $112.47 on the ICE Futures Exchange London.

© The Canadian Press, 2012

17 Sep, 2012


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Source: http://www.globalnews.ca/Money/oil+plunges+more+than+3+after+holding+gains+most+of+day/6442716280/story.html
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