Crude oil at lowest price for six weeks
Crude oil prices including red diesel have fallen to their lowest price for six weeks, at a time when the US dollar is experiencing strengthening, but global equities markets have seen notable declines. Investors also remain nervous about the future of the oil industry and the extent to which the global economic recovery from the recession is taking hold.
The Brent crude oil company reported falls of $1.15 dollars to $74.15 a barrel on London’s ICE Futures Europe exchange. Meanwhile, the West Texas Intermediate crude oil company reported a price reduction of $1.09, down to $73.34 a barrel on the New York Mercantile Exchange index. Overall crude oil prices have fallen by almost 2.5 percent in the third week of August.
Nymex’s gasoline futures fell by almost one cent to $1.92 a gallon and heating futures for September were down 3 cents to $1.7 a gallon. Natural gas futures also fell to $4.13 a gallon, down 4 cents. In the United states the retail price of one gallon of regular unleaded gasoline had fallen by more than $0.50 in 24 hours, down to $2.724 a gallon overall. Analysts are currently predicting that the prices of gasoline in the US could continue to fall, perhaps by as much as 15 cents a gallon after Labor Day holiday and the school summer vacation ends.
Prices in the US state of Alaska were among the highest in the country and the west coast remained the most expensive area for oil. However, in South Carolina retail prices for gasoline are the lowest, standing at just $2.50 a gallon.
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