Published March 28, 2009, 07:30 AM
Natural gas plunge hurts energy prices
Crude prices fell sharply to end the week and natural gas tumbled to seven-year lows as a worsening economy led to more painful cuts in the industrial sector.
NEW YORK (AP) — Crude prices fell sharply to end the week and natural gas tumbled to seven-year lows as a worsening economy led to more painful cuts in the industrial sector.
Benchmark crude for May delivery dropped $1.96 to settle at $52.38 a barrel on the New York Mercantile Exchange.
The price decline put an abrupt end to a weeklong rally, but oil prices were still 3 percent higher than a week ago. Crude prices hopped above $50 a barrel last week for the first time in almost three months after the Federal Reserve announced it would pump more than $1 trillion into the economy by buying Treasury bonds.
Tags: business, energy, prices, oil, gas
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