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Home | News Briefs | U.S. | World | Celeb Buzz | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird & Offbeat Reduced Strike Threat Among Steelworkers Leads To Steady Oil Prices February 3, 2009 10:16 a.m. EST AHN Staff New York, NY (AHN) - One day after oil prices threatened to rise due to the slow progress on contract negotiations between refiners and the United Steelworkers Union, the aversion of the strike on Tuesday led to just a slight movement in oil prices. News of extended negotiations for a new contract over the weekend, which delayed a potential strike, plus an expected drop in consumer spending, led to prices of crude oil for March delivery going up by a mere 0.3 percent or 11 cents to $40.19 a barrel on the New York Mercantile Exchange as of 8 a.m., Singapore time. On Monday, oil prices went down $1.60 to $40.08 a barrel on the exchange on reports of continuation of negotiations between the refiners and steelworkers' union. Despite attempts by oil producing nations to bring up oil prices after it plummeted from the July high of $147 a barrel, analysts foresee oil futures being stuck from $38 to $48 a barrel. Copyright © 2003 - 2009 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Home | News Briefs | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat © 2009 AHN Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services All Rights Reserved

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