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Thursday 28th of May 2015

Crude prices at lowest level in six weeks

Story link: Crude prices at lowest level in six weeks by Elaine Frei
Crude prices at lowest level in six weeks

Crude oil prices fell again Friday, to its lowest level in six weeks, as the US dollar strengthened, global equities markets saw declines and investors continued to worry about the state of recovery from the recession.

September contracts for West Texas Intermediate crude was down $1.09 to $73.34 per barrel in afternoon trade on the New York Mercantile Exchange, where October contracts were also lower, while Brent crude was last reported down $1.15 to $74.15 per barrel on the ICE Futures Europe exchange in London.

Prices for crude fell nearly 2.5 percent this week.

Nymex September gasoline futures were down a bit less than a cent to $1.92 per gallon while September heating oil futures fell 3 cents to $1.97 per gallon and September natural gas futures dropped 4 cents to $4.13 per gallon.

The retail price of a gallon of regular unleaded gasoline in the United States fell move than half a cent overnight to $2.724 per gallon on average as analysts predicted that US gasoline prices could fall as much as 15 cents per gallon after the Labor Day holiday as vacation season ends and students return to school.

West Coast prices remain highest, led by prices in Alaska, but analysts expect prices there to fall as well.

Meanwhile, retail gasoline prices are currently lowest in South Carolina and Missouri at just above $2.50 per gallon.


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