Crude futures fall on weak US earnings outlook
By Xinhua, Gaea News NetworkMonday, January 12, 2009
NEW YORK - Crude futures tumbled Monday as investors worried that weak corporate earnings could drag down energy demand.
US aluminum producer Alcoa said Monday it lost $1.19 billion during its fourth quarter, as prices and demand for the metal plunged in a troubled global market.
The company is cutting 13,500 jobs and making deep production cuts as many other US manufacturers have slashed spending on fuel.
Crude futures declined as demand for crude continues to be weak. Light, sweet crude for February delivery fell eight percent, or $3.24, to settle at $37.59 a barrel on the New York Mercantile Exchange.
In London, February Brent crude fell $1.51 to settle at $42.91 a barrel on the ICE Futures exchange.
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