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 fixed4.01%4.03%
15 yr fixed3.12%2.97%
5/1 ARM3.11%2.99%
30 yr refi4.04%4.09%
15 yr refi3.15%3.05%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 17,804.80 26.65 0.15%
Nasdaq 4,765.38 16.98 0.36%
S&P 500 2,070.65 9.42 0.46%
Treasuries 2.18 -0.03 -1.27%
Data as of 4:31am ET
Company Price Change % Change
Bank of America Corp... 17.62 0.09 0.51%
Apple Inc 111.78 -0.87 -0.77%
General Electric Co 25.62 0.48 1.91%
Intel Corp 36.37 -0.65 -1.76%
Microsoft Corp 47.66 0.14 0.29%
Data as of Dec 19

Sections

New York Magazine reporter Jessica Pressler, who has been caught up in controversy this past week, will not be moving on to a new job at Bloomberg News. More

Investors beware: These 5 global crises are likely to rattle the stock market and world economy. More

Forums in dark corners of the web sell the kinds of hacks that befell Sony. More

Unilever sued Hampton Creek over its egg-free mayonnaise spread Just Mayo. But the company behind Best Foods and Hellman's mayonnaise has now dropped the lawsuit. More

The income of the top 1% jumped significantly in 2012, far outpacing inflation. Not only did this group make a larger share of the country's income, their share of total taxes also jumped from 35% to 38%. More

Most stock quote data provided by BATS. Market indices 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.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.