Oil prices continue to tumble
WASHINGTON — The price of a barrel of oil has fallen more than $10 a barrel in recent weeks, settling yesterday at one point below US $60 a barrel.
Earlier this week marked the fastest single day price drop since before the first gulf War.
The value decrease came after the U.S. government released data showing healthy crude inventories and a surge in domestic supplies of distillate No. 2 fuel, which includes diesel and heating oil.
The Organization of Petroleum Exporting Countries (OPEC) gave some indication it could initiate an output cut as a result, reports Associate Press.
The price decrease ironically comes just before a time of high demand — when households start turning the heating on and when the diesel-dependant trucking industry begins to gear up for the busy pre-Christmas hauling season.
The latest Energy Department data showed distillate fuel inventories growing by 4.1 million barrels last week to 148.7 million barrels, or more than 11 percent above year ago levels. Gasoline inventories increased by 600,000 barrels to 207.6 million barrels, or six percent above year ago levels.
— from Associate Press
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