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Oil prices go below $58

14 May 2009 08:08 (UTC +04:00)

Bakuâ€“ APA-Economics. Oil prices hovered near $58 a barrel Thursday in Asia as weak U.S. retail sales and housing figures dampened investor optimism about a fledgling economic turnaround, AP reported.
Benchmark crude for June delivery was down 35 cents to $57.67 a barrel midday in Singapore, in electronic trading on the New York Mercantile Exchange. On Wednesday, the contract fell 83 cents to settle at $58.02.
Prices have jumped from near $50 a barrel earlier this month â€” and rose above $60 earlier this week â€” on hopes that the worst of the recession is over the U.S. economy, the world’s biggest oil consumer.
In other Nymex trading, gasoline for June delivery fell 0.63 cent to $1.68 a gallon and heating oil was steady at $1.49 a gallon. Natural gas for June delivery dropped 10 cents to $4.23 per 1,000 cubic feet.