Oil prices sink to 27-month lows on rising supplies
Oil prices likely to continue to slide as oil prices sink to 27-month lows in a move that’s likely to continue pushing gasoline prices toward below $3 a gallon.
Benchmark West Texas Intermediate crude for mid-December delivery dropped 2.4% to $80.49 a barrel, a level not seen since June 2012.
Wholesale gasoline futures for mid-November delivery fell 3% to $2.15 a gallon, a key signal for another fall in retail gas prices. Nationally, the price of regular unleaded gasoline is now $3.08 a gallon, down from $3.34 a gallon last month.
The bear market meltdown in oil prices – more than $25 a barrel from this year’s June peak – could push the national average price of oil below $3 within the next week,” says Tom Kloza, chief oil analyst for the Oil Price Information Service.
While the slump in crude oil prices hurt shares of energy producing stocks and the broad market Wednesday – the Dow Jones industrial average snapped a three-day winning streak and ended off 153 points to 16,461 – lower gas prices means billions in savings for consumers.
Source: Usatoday- Oil prices sink to 27-month lows on rising supplies
