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Recession worries trip up oil rally

01/21/2007
Tight fundamentals, difficult geopolitics, and fears that an economic recession will reduce demand continue to worry energy markets.After falling three consecutive sessions amid continued signs of a slowing economy, crude futures prices rebounded somewhat Jan. 8 when Nigeria’s most powerful rebel force, the Movement for the Emancipation of the Niger Delta, reiterated its objective of halting 2 million b/d of crude exports from that country.However, crude prices fell again in volatile trading Jan. 9-11 as traders shrugged off an eighth consecutive week of declining inventories and worried instead that a possible recession would diminish demand. The Energy Information Administration s...
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