Good News! Oil prices fell for the third straight day to settle just below $130 a barrel Thursday. This is the lowest price that we have seen in over a month and a huge relief after hitting record highs last Friday of over $147 a barrel. The steady downward trend, over $15 in three days, is due in part to concerns about the U.S. economy. Inflation concerns have also played a part in the drop of crude prices.
While we welcome any decrease in oil prices, bear in mind they are still about 80% higher than they were a year ago.
The U.S. is the only market that actually decreased their demand. However the supply of crude oil is still falling short and an increase in crude prices may be likely.
It is good news for all that crude oil prices have dropped yet it is discouraging that the drop is due in part to economy concerns which have reduce the demand.
