Oil Prices Continue To….Drop?

Posted by Admin - May 19th, 2010

Despite a massive oil spill off the coast of Louisiana that is spewing thousands of gallons into the Gulf of Mexico each day, oil prices have fallen for the seventh day in a row.

Crude oil dropped for a seventh day, its longest losing streak in five months, on concern gasoline demand is slowing in the U.S. and speculation the European debt crisis will worsen.Oil slumped to its weakest level in seven months after the euro touched a four-year low earlier today as European nations struggled to meet austerity requirements. An American Petroleum Institute report showed gasoline inventories in the world’s biggest energy consumer rose 981,000 barrels last week. The Energy Department will release its data later today.

The movements of oil prices continue to confound everyone! It makes one wonder how much prices would have fallen if not for this massive oil spill.