Oil prices wavered below $50 Today with a number of major U.S. companies reporting larger-than-expected profits, but there was still plenty of evidence suggesting demand for energy will be sluggish at best, according to AP. Benchmark crude for June delivery rose 77 cents to settle at $49.62 a barrel on the New York Mercantile Exchange. Crude prices have been moving with the stock market, climbing from below $35 to above $50 a barrel this year even as unused oil in storage hits 19-year highs. Demand is at the lowest level since after the terrorists attacks in September 2001. Phil Flynn of Alaron Trading said Federal Reserve policies that have brought down interest rates have weakened the dollar and provided a floor for oil prices. Crude, priced in dollars, becomes cheaper when the U.S. currency falls. He also said that could stimulate demand down the road.
