Oil below $42 on dismal US economic outlook
9:46 AM Fri, Jan 30, 2009 | Permalink
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VIENNA, Austria -- Caught between dismal U.S. economic numbers and news of possible further OPEC cuts, oil prices hovered Friday near their previous close below $42 a barrel, according to The Associated Press. Investors remained timid ahead of a U.S. Commerce Department report, which is expected later Friday to show the economy shrank at a annualized pace of 5.4 percent in the October-December period - much faster than the 0.5 percent decline logged in the prior quarter. 
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