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HOUSTON — Oil prices dipped to near $42 a barrel Tuesday amid new reports the anemic global economy will lead to an even sharper fall-off in energy consumption through 2009.
Oil settled at $42.07 a barrel on the New York Mercantile Exchange, then inched above $43 during after-hours trading and today in Asia. There also were indications that internal divisions continue at OPEC, as member states pummeled by falling oil prices ignore promised production cuts that might boost prices.
In heartening news for U.S. consumers, a new government report projected lower home- heating costs, and gasoline prices continued to tumble.
