Econintersect: Oil prices dropped dramatically Tuesday (March 15) in both London and New York. Spot prices declined by more than 4%. The nearest NYMEX futures contract (April) fell by less (3.2%). The price movement was different from Monday when oil prices fell early in the day only to rally and close a little higher. Today the closes were near the lows of the day.Prices from Bloomberg at 9 pm EST, with changes from market closes yesterday (Monday, March14, 2011).
- WTI Cushing Spot $ 97.18 -4.2%
- Dated Brent Crude $108.43 -4.5%
- NYMEX Crude Future $ 98.10 -3.2%