MW: Crude futures fall back after run past $92 mark
By Steve Gelsi, MarketWatch
NEW YORK (MarketWatch) — Crude-oil futures fell back toward $91 a barrel Tuesday, with energy traders catching their breath on the heels of the price having sprinted to the highest level seen in about 27 months.
Although political turmoil in the Middle East continued in Egypt and in Jordan, oil prices consolidated nevertheless.
Traders also digested meteorological forecasts calling for cold, wintry weather across much of the U.S.
Crude for March delivery (CLH11 91.96, -0.23, -0.25%) fell 88 cents, or about 1%, to $91.31 early Tuesday.
On Monday, the contract rallied 3.2%, to $92.19 a barrel, on the New York Mercantile Exchange, in what was crude’s best finish since Oct. 3, 2008.
