Oil slumps below $50 a barrel

NEW YORK (CNN/Money) – Oil prices fell below $50 a barrel early Monday as concern about a heating fuel crunch alleviated over the weekend and traders realized that the market may be overbought.

http://money.cnn.com/2004/11/01/markets/oil/index.htm?cnn=yes
Oil slumps below $50 a barrel

Easing concerns about heating fuel supplies as refineries come back on line pressure crude.
November 1, 2004: 12:07 PM EST

NEW YORK (CNN/Money) – Oil prices fell below $50 a barrel early Monday as concern about a heating fuel crunch alleviated over the weekend and traders realized that the market may be overbought.

U.S. light crude for December delivery dropped $1.79 to $49.97 a barrel in trading on the New York Mercantile Exchange; it dipped as low as $49.40.

“Traders are recognizing that fundamentals are not supporting the current price levels,” said Richard Mueller, senior oil analyst with Energy Security Analysis. “Refineries are starting to come back on-line and that’s relaxed some concerns about heating oil shortages.”

http://money.cnn.com/2004/11/01/markets/oil/index.htm?cnn=yes