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Oil Prices May Have Bottomed Out
Crude oil futures may have ended the decline that has slashed the price of petroleum nearly 60% since last summer.
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Crude oil futures may have ended the decline that has slashed the price of petroleum nearly 60% since last summer.
America's benchmark West Texas Intermediate crude settled above $45 per barrel, up 11 cents, on Monday. The overseas standard, Brent crude, rose 17 cents to $48 per barrel. Both prices were around $107 last June.
The secretary general of the Organization of the Petroleum Exporting Countries said last weekend that oil prices, which dropped close to $44 last week, appear to have stabilized. Analysts have estimated that petroleum is likely to remain below $50 per barrel through 2016.
Gasoline prices in the U.S. currently average $2.03 per gallon, according to the AAA Daily Fuel Gauge Report. Prices were about 30 cents higher a month ago and $1.26 higher a year ago.
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