Oil prices fall for second week

04/25/2005
Energy prices fell again Apr. 15, wiping out the small rally from the previous session on the New York Mercantile Exchange.The May contract for benchmark US light, sweet crudes plunged to a low of $50/bbl Apr. 15 on NYMEX but found strong support at that level and rebounded to $50.49/bbl, down 64¢ for the day. Still, that was down by 11.8% from a high of $57.27 just 2 weeks earlier.Contributing to the continued fall in energy prices during the week ended Apr. 15 was the latest report from the Paris-based International Energy Agency, which for the first time in more than 2 years lowered its outlook for growth in world demand for crude.IEA reduced its monthly estimate of global oil dem...
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