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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Africa Europe Latin America Middle East North America Search Search: Oil wavers on economic data from Commerce By CHRIS KAHN,AP Energy Writer AP - Saturday, January 31 NEW YORK - Caught between dismal U.S. economic numbers and news of possible further OPEC cuts, oil prices hovered Friday near their previous close below $42 a barrel. Light, sweet crude for March delivery rose 44 cents to $41.88 a barrel on the New York Mercantile Exchange. Prices spiked briefly in the morning after the Commerce Department reported that while the economy contracted more than it has in a quarter century, it didn't shrink as much as expected. The report, which tallies gross domestic product, showed the economy shrank at a 3.8 percent pace at the end of 2008. It also showed the economy sinking at a much faster clip in the October-December period than the 0.5 percent decline logged in prior quarter. Oil giants Exxon Mobil Corp. and Chevron Corp. d a-both reported better than expected earnings as well. Exxon posted a $45.2 billion profit for 2008, breaking its own record for a U.S. company. Its fourth-quarter earnings fell 33 percent from a year ago. Chevron, the nation's second largest oil company, said it earned $23.93 billion in 2008 and $4.9 billion for the fourth quarter. Its revenues slid 26 percent with oil prices in sharp decline. Good news was hard to find earlier this week as the government issued a series of grim reports that showed the recession was getting worse. The Commerce Department said Thursday orders to U.S. factories for big-ticket manufactured goods fell by 5.7 percent in December, the fifth straight monthly drop, while sales of new homes plunged 14.7 percent last month, the slowest monthly pace on record. Meanwhile, the Labor Department said a record 4.78 million people claimed unemployment insurance for the week ending Jan. 17. As a proportion of the work force, the tally of unemployment recipients is the highest since August 1983. The deteriorating global economy has forecasters lowering expectations. The International Monetary Fund predicted global economic growth will slow to 0.5 percent in 2009, down from a November prediction of 2.2 percent. "It certainly does appear that the financial crisis has hit harder than people first thought it would," said Gerard Rigby, an energy analyst with Fuel First Consulting in Sydney. Oil prices, which have fallen about 72 percent since peaking near $150 in July, have traded in the mid-$30s and high-$40s since mid-December. U.S. storage facilities are awash in surplus crude. Storage tanks in the United States are housing more than 338.9 million barrels of crude oil, up from 15.7 percent from a year ago, according to the Energy Information Administration. Trader and analyst Stephen Schork, in his Schork Report, forecast that "supplies will only continue to improve over the next couple of months" as the high-demand winter season ends. Prices at the pump rose again overnight to a new national average of $1.846 a gallon Wednesday, according to auto club AAA, Wright Express and the Oil and Price Information Service. Prices are 22.9 cents higher than a month ago, but $1.14 lower than last year at this time. In other Nymex trading, gasoline futures rose 2.1 cents to $1.2519 a gallon. Heating oil gained 2.72 cents to $1.4555 a gallon while natural gas for March delivery fell 14 cents to $4.436 per 1,000 cubic feet. In London, the March Brent contract rose 66 cents to $46.06 on the ICE Futures exchange. ________ Associated Press writers Jake Neubacher in Vienna and Alex Kennedy in Singapore contributed to this report. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike Two auto workers die in clash with Venezuela policeReuters - Saturday, January 31 Oil wavers on economic data from CommerceAP - Saturday, January 31 Oil below $42 on dismal US economic outlookAP - Saturday, January 31 Oil higher after OPEC commentsAFP - Friday, January 30 Related Articles: World Ill.'s new gov: We'll `fumigate state government'AP - 1 hour 41 minutes ago Cyprus searches suspected Hamas-arms shipAP - 1 hour 48 minutes ago Obama to sign bill on analog shutdown delayAP - 1 hour 49 minutes ago Floods kill 10 in southern BrazilAP - 1 hour 51 minutes ago Nigeria armed group ends ceasefire in oil-rich deltaAFP - 2 hours 2 minutes ago Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – World Viewed US House approves massive economic stimulus bill Financial crisis bringing global economy to standstill: IMF Soldier suicides hit record in 2008: US Army Merkel and Brown call for global economy rules Boeing to cut 10,000 jobs after loss View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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