Gas Prices Fall A Bit More!

By Ben Rooney, CNNMoney.com staff writer
The price of oil fell further Friday, after settling at a 5 1/2 year low in the previous session, as volatile stock prices raised concerns about waning global energy demand.

Light, sweet crude for January delivery was down 45 cents to $48397 a barrel in electronic trading. The December contract, which expired Thursday, fell $4 to settle at $49.62 a barrel, the lowest settle price since May 23, 2005.

Thursday's descent below $50 a barrel came one day before retail gasoline prices fell below $2 a gallon for the first time in more than 3 years.

At $50 a barrel, the price of oil is down nearly 66% from the summer's peak price above $147 a barrel, and many analysts think it could fall further.

"The same way no one had a clue how high prices could go last July, there is no telling how low we can go now," said Stephen Schork, an oil trader and publisher of the industry newsletter The Schork Report. "Do not trust anyone in this market who tries to convince you that oil cannot go below $40," he added.

Asian markets rallied Friday while major indexes in Europe turned negative in afternoon trade, giving back the morning's gains.