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Oil Prices Drop to 3-Month Low
Oil futures have fallen to their lowest prices since spring as producers continue to outpace demand.
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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.
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