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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Apr 12, 2011
Page
2
Across the nation rising gas prices are curbing fuel use as MasterCard SpendingPulse shows five weeks of year over year demand declines. Analysts note job gains and higher prices but drivers cut back despite the economy's rebound.
NY oil prices eased after Libyan leader Gaddafi appeared to accept a cease-fire plan with rebels, boosting hopes for Libyan crude returning to markets. May crude settled at 109.92 a barrel after peaking at 113.46 amid EU refiners’ demand, IMF forecast cuts, and Goldman warns of U.S. energy conservation.
U.S. stocks closed broadly lower before first-quarter earnings, with investors worried by higher costs and IMF warnings that rising gas prices could slow growth. Dow edged up 1.06 points to 12381.11, while S&P 500 fell 3.71 to 1324.46 and Nasdaq dipped 8.91 to 2771.51 as energy shares led declines.
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