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U.S. Oil Prices Drop Below $50
America's benchmark price for crude oil futures dropped to $49.77 per barrel on Monday the lowest since April 2009 before closing just above $50.
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America's benchmark price for crude oil futures dropped to $49.77 per barrel on Monday the lowest since April 2009 before closing just above $50. Brent crude, the global standard, dropped 6% to close at $53.11.
Current prices compare with more than $107 per barrel six months ago. Citigroup estimates the lower price of crude is the equivalent of a $1.6 trillion economic stimulus for the global economy, since lower fuel prices leave consumers with more cash to spend elsewhere.
The average price of gasoline in the U.S. began the week at $2.20 per gallon compared with $3.32 a year ago, according to the AAA Daily Fuel Gauge Report. The U.S. Energy Information Agency expects fuel prices to remain close to $2.50 per gallon through 2015.
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