Mexican Media Brands
Oil Prices Drop to 3-Month Low
Oil futures have fallen to their lowest prices since spring as producers continue to outpace demand.
#economics
Share
Oil futures have fallen to their lowest prices since spring as producers continue to outpace demand. Gasoline prices in the U.S. have done the same.
The U.S. oil benchmark, West Texas Intermediate, dropped on Monday to $43.11 per barrel, its cheapest price since April. The international standard, Brent crude, fell to a three-month low of $44.75. Crude oil was selling for as much as $115 per barrel three years ago.
Morgan Stanley says refined petroleum products are “severely oversupplied” because product demand is slowing. Analysts note that oil sands production has resumed in North America following disruptions caused by wildfires in the Canadian plains. And conventional production of petroleum continues to outstrip demand.
AAA’s Gas Prices reports that the average retail price for a gallon of gasoline in the U.S. is at $2.21 per gallon, the lowest since April. More than one-third of U.S. service stations are selling gasoline for less than $2 per gallon, according to the report. AAA says crude oil supplies are at their highest summertime level in 86 years.
RELATED CONTENT
-
Global Car Market to Shrink for 2-3 Years
Global sales of light vehicles will decline year on year through at least 2021, predicts LMC Automotive at its annual outlook conference outside Detroit, Mich.
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.
-
On Urban Transport, the Jeep Grand Wagoneer, Lamborghini and more
Why electric pods may be the future of urban transport, the amazing Jeep Grand Wagoneer, Lamborghini is a green pioneer, LMC on capacity utilization, an aluminum study gives the nod to. . .aluminum, and why McLaren is working with TUMI.