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Oil prices slide on world markets

18 May 2009 07:56 (UTC +04:00)

Bakuâ€“ APA-Economics. rude oil pared gains, trading little changed in New York, as Asian stock markets declined on concern the global economy may not recover anytime soon, Bloomberg reported.

Crude oil for June delivery was at $56.63 a barrel, down 29 cents, in after-hours electronic trading on the New York Mercantile Exchange at 12:48 p.m. Singapore time. It earlier rose as much as 44 cents, or 0.8 percent, to $56.78 a barrel.
The contract dropped 3.9 percent to $56.34 a barrel on May 15, the biggest decline in almost a month, after a report showed U.S. industrial production fell for a sixth month and U.S. equities posted their biggest loss in 10 weeks.
The June Nymex oil contract expires tomorrow. The more actively traded July contract was at $56.97 a barrel, down 3 cents.
June oil futures reached $60.08 on May 12, the highest intraday price since Nov. 11, as a two-month equity rally emboldened investors and the sliding U.S. dollar increased the appeal of commodities.
Brent crude for July settlement was at $55.32 a barrel, up 34 cents, on Londonâ€™s ICE Futures Europe exchange.