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| Version 1 | Version 2 |
|---|---|
| Economy woes push oil below $34 | Economy woes push oil below $34 |
| (about 1 hour later) | |
| Oil prices have fallen by almost $2 a barrel to below $34 amid growing doubts that a US stimulus package will reinvigorate the US economy. | |
| Claims for new unemployment benefit remaining close to record highs added to fears of the depth of recession. | Claims for new unemployment benefit remaining close to record highs added to fears of the depth of recession. |
| Even an unexpected rise in retail sales was dismissed as a blip - attributed mainly to higher petrol prices. | Even an unexpected rise in retail sales was dismissed as a blip - attributed mainly to higher petrol prices. |
| US light, sweet crude tumbled $1.96, more than 5%, to settle at $33.98 but London Brent added 19 cents to $44.47. | US light, sweet crude tumbled $1.96, more than 5%, to settle at $33.98 but London Brent added 19 cents to $44.47. |
| Unemployment indicator | Unemployment indicator |
| Earlier this week the Energy Information Administration reported a seventh consecutive weekly increase in nationwide crude oil stocks as the economic crisis crushed business and consumer demand for fuel. | Earlier this week the Energy Information Administration reported a seventh consecutive weekly increase in nationwide crude oil stocks as the economic crisis crushed business and consumer demand for fuel. |
| The slowdown has left the price at more than $110 below the record price of close to $150 a barrel seen last July. | The slowdown has left the price at more than $110 below the record price of close to $150 a barrel seen last July. |
| And rising US unemployment has led to further fears of weakening demand for oil among US consumers. | And rising US unemployment has led to further fears of weakening demand for oil among US consumers. |
| The US unemployment rate rose to 7.6% in January, up from 7.2% in December, according to official figures - the highest level since 1992. | The US unemployment rate rose to 7.6% in January, up from 7.2% in December, according to official figures - the highest level since 1992. |
| The rapid rise in unemployment suggests the US recession is deepening. | The rapid rise in unemployment suggests the US recession is deepening. |
| Members of both houses of Congress have agreed a stimulus package, now worth $789bn (£549bn), including tax cuts and spending aimed at rescuing the US economy. | Members of both houses of Congress have agreed a stimulus package, now worth $789bn (£549bn), including tax cuts and spending aimed at rescuing the US economy. |
| But analysts have questioned how much the oil price will benefit from it. | But analysts have questioned how much the oil price will benefit from it. |
| "Just like the stock market, there's a feeling of the malaise because of a lack of definition," said Ritterbusch & Associates president Jim Ritterbusch. | "Just like the stock market, there's a feeling of the malaise because of a lack of definition," said Ritterbusch & Associates president Jim Ritterbusch. |