Oil Prices – Crude oil prices fell below USD94 a barrel on Tuesday because investors continued to worry about weak economic growth.
The Oil Prices Are Down
The benchmark West Texas crude oil for September delivery fell 74 cents to the position of USD94, 15 per barrel in trading on the New York Mercantile Exchange (Nymex). Earlier, oil prices are at the level of USD93, 75 per barrel.
As quoted by the Associated Press (AP) Wednesday (03/08/2011) Brent crude oil prices that are used to international varieties, down 43 cents to USD116, 38 per barrel on the ICE Futures exchange in London.
Crude oil has declined for four straight days of trading as oil supply growth in the U.S., and reports on manufacturing showed good growth in the U.S. and China. PFGBest analyst Phil Flynn says, if it were not for the upcoming hurricane season and the dollar weakens, oil will be much lower.
Analyst Addison Armstrong noted that approximately 2.3 percent of oil production and one percent of natural gas production in the Gulf of Mexico remained closed after Tropical Storm swept the Gulf last week.
The dollar fell on Tuesday from the previous highest value. Oil is priced in U.S. currency and typically moves higher as the dollar falls and making crude cheaper for investors holding foreign currencies.
Another Energy Prices Besides Oil Prices
Meanwhile, pump gas prices down for fourth day with a national average of $ 3, 703 per gallon. In Nymex trading, contracts for September, heating oil is almost unchanged at $ 3, 0964 per gallon and gasoline futures fell seven percent to $ 3, 0459 per gallon. Natural gas lost three cents to $ 4, 162 per 1,000 cubic feet. – Oil Prices
