Oil could slide back to $42 if selling accelerates, analyst warns
Oil prices sank below $50 a barrel on Thursday for the first time this year, marking their lowest finish since late November, as the market worried that growing U.S. crude producers may undermine efforts to rebalance global supply and demand.
April West Texas Intermediate crude CLJ7, -1.81% slid $1 or 2%, to settle at $49.28 a barrel on the New York Mercantile Exchange, after trading as low as $48.79 earlier in the session. Prices, which lost 5.4% a day earlier, finished at their lowest since Nov. 29, according to FactSet data.
May Brent crude LCOK7, -1.76% on London’s ICE Futures exchange lost 92 cents, or 1.7%, to $52.19 a barrel, also trading at levels not seen in more than three months.
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So, why are gas prices rising now???
ReplyDeleteYes so drop the price so all us real working people can have a break for once
ReplyDeleteAs the price per barrel drops the oil companies will claim it costs more per barrel to refine so they have to charge more for the final refined product and that is why we are not paying $1.75 or less at the pump! Oil company Economics 101!
ReplyDeleteI wondered why I am still paying 2.30 at exxon when I just heard that we had a glut surplus.
ReplyDeleteZorro,
ReplyDeleteBecause as the price of gasoline at the pump drop, the greedy lawmakers take the opportunity to raise the tax.
It is called monopoly / price fixing with the Politian's blessings. Remember they need their kick back from these companies along with their dividends.
ReplyDelete