Oil slips in choppy trading

By Annalyn Censky, staff reporter


NEW YORK (CNNMoney.com) -- Oil prices churned Tuesday as investors teetered between skepticism and optimism over Europe's rescue package.

What prices are doing: Crude for June delivery fell, then rose, then fell again in choppy trading Tuesday, eventually settling at $76.37 per barrel. That's 43 cents, or 0.56%, lower than the day before.

crudeoilprice.png
Click the chart for current prices.

Gasoline prices fell for the fifth day in a row, slipping to $2.901 a gallon from $2.908 the day before.

What's moving the market: Crude prices have been seesawing on European debt concerns.

On Monday, equities got a boost after European leaders passed a nearly $1 trillion rescue package aimed at stabilizing the euro and providing aid to the regions's debt-strapped governments. Oil rose with the stock market as investors anticipated an economic recovery in Europe could boost demand for fuel.

But crude prices started falling early Tuesday morning on doubts about the long-term sustainability of Europe's rescue package. For part of the day, oil returned to its upward momentum, but then fell again.

Overall, oil prices are about $10 lower than they were last week, and for investors who are calmed by Europe's rescue package and ready to buy riskier assets, those prices are at an attractive level, said James Cordier, president of Liberty Trading Group.

What analysts are saying: Analysts expect oil's swings to continue as world markets still struggle to reach a consensus on their outlook for Europe's debt troubles.

"I wouldn't be surprised to see more volatility when longer term ramifications of the EU's actions start to become more clear," said Phil Flynn, a senior market analyst with PFG Best. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.20%4.27%
15 yr fixed3.27%3.21%
5/1 ARM3.53%3.38%
30 yr refi4.18%4.24%
15 yr refi3.26%3.20%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 17,131.97 100.83 0.59%
Nasdaq 4,552.76 33.86 0.75%
S&P 500 1,998.98 14.85 0.75%
Treasuries 2.59 -0.00 -0.08%
Data as of 10:11pm ET
Company Price Change % Change
Apple Inc 100.86 -0.77 -0.76%
Bank of America Corp... 16.71 -0.03 -0.18%
Yahoo! Inc 42.71 0.16 0.38%
Alcoa Inc 16.16 -0.23 -1.40%
Facebook Inc 76.08 1.50 2.01%
Data as of 4:02pm ET

Sections

Scotland's independence vote is too close to call but those who want to keep Britain united won this year's campaign funding race by some distance. More

The FBI's new facial recognition system lets local police easily identify you. It will one day spot you from your iris, voice and the way you walk. More

Y Combinator president Sam Altman is teaching a startup class at Stanford with Silicon Valley heavy hitters as guest lecturers. Bonus: All the videos will be available for free online. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.