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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

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