The price of crude oil has fallen to the lowest level in two weeks as a result of surge in the oil supply. Report from US Energy Department showed that the price of oil fell
The price of crude oil was down fro $181 to $109.24 a barrel at the Mercantile Exchange of New York. This is the lowest the price of oil could go since April 19th of last year.
It would be recalled that the prices of oil went up by as much as 32 percent a year ago. The crude oil stockpiling at Oklahoma has gained by as much as 102,000 to 40.5 million.
However, the cost of the gasoline has increase from the cost of 15 cents to $3.92 yesterday. This was the highest to be recorded since the tear 2008. The level of consumption of gasoline has dropped to a level 8.94 barrels last week.
Crude Oil down in New York after U.S. Supplies Climb to a Six-Month High
The price of crude oil has fallen to the lowest level in two weeks as a result of surge in the oil supply. Report from US Energy Department showed that the price of oil fell down by 16 percent. Stockpiles of oil increased to 3.42 million barrels when compared to 366.5 million which was the level of stockpile a week ago. This is one of the highest levels of stockpile recorded in the country since October of last year when the inventory forecast put it to a gain of about of 2 million barrels.
The price of crude oil was down fro $181 to $109.24 a barrel at the Mercantile Exchange of New York. This is the lowest the price of oil could go since April 19th of last year. It would be recalled that the prices of oil went up by as much as 32 percent a year ago. The crude oil stockpiling at Oklahoma has gained by as much as 102,000 to 40.5 million.
However the cost of the gasoline has increase from the cost of 15 cents to $3.92 yesterday. This was the highest to be recorded since the tear 2008. The level of consumption of gasoline has dropped to a level 8.94 barrels last week.