Oil prices gave up early gains Tuesday as fresh signs of a deepening U.S. recession trumped tensions in the Middle East and worries over natural gas shortages in Europe.
Light, sweet crude for February delivery fell 23 cents to settle at $48.58 a barrel on the New York Mercantile Exchange. Prices at one point reached $50.47, the highest point since Dec. 1, before the National Association of Realtors reported that pending home sales fell to the lowest level on record in November.
A natural gas dispute between the Ukraine and Russia, however, did effect heating oil prices in the United States.
The dispute shut down gas supplies to six countries and …
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