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Show 8D The Salt Lake Tribune, Tuesday, January 21, 19Hf Prices Take Another Dive in Chaotic Oil Market NEW YORK (AP) - The down- feeding on itself It's got its own momentum going Contracts for February delivery of ' est Texas Intermediate crude oil, .he benchmark U S. grade, slid 2 26 a barrel to close at $21 27 on the New York Mercantile Exchange. That contract traded at $25 15 a barrel last Wednesday, before the latest price drop began. Oil traded on the spot market, which brought $32 a barrel in November, fell $2 25 a barrel to $21.70 on Monday. Heating oil, meanwhile, fell to 59 ward plunge of crude oil, heating oil and gasoline prices accelerated Monday, and analysts said there was no quick end in sight What you're seeing is absolute, utter panic on the financial side of the market," said Steven Smith, an anaan ecolyst for Data Resources Inc., in firm Lexington, research nomic Mass. This is new territory for all of us," said Peter Beutel, an analyst at RuIt's dolf Wolff Futures Inc. "... cents a gallon from Fridays close of 63 89 cents for February delivery February contracts for unleaded gasoline dropped to 59 79 cents a gallon from 64 cents, and regular gasoline fell to 58 90 cents from 63 28 cents. It's great news for consumers," said William Randol, an oil analyst at the investment firm First Boston Corp. He said he expected the price of crude to dip below $20 by There is no dispute, it will benefit the economy, said Smith at Data Resources. He pointed out, however, that for the impact to be significant, mid-Apri- l. it would have to consist of a composite drop of the prices of all oil used by refineries from all sources SINCE 1914 TH20LCI3TCAR In that case, he said, Data Rer sources estimates that a drop of $5 per barrel would reduce the U S inflation rate by 1 percentage point, while boosting the gross nations al product of a point higher. 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