Oil Prices Falling Amid Economic Concerns

Ad Feedback

The price of oil is continuing to fall, which could mean good news at the gas pump heading into the summer travel season.

Oil fell as low at $95 a barrel Monday morning before coming back to just under $98. Over three days of trading, the price per barrel dropped about 7 percent.

Crude has declined from $110 in February amid signs oil demand may be weaker than previously expected.

The market is responding to concern about the economic crisis in Europe, as well as a slowdown in U.S. hiring. Analysts expect prices to keep falling because of these factors.

"Economic indicators both in the U.S. and Europe are taking on a more negative appearance," energy trader and consultant Ritterbusch and Associates said in a report.

Investors are also concerned political upheaval in Europe could delay economic reform and worsen the region's debt problems.

Log in or create an account to post a comment.  

CBN IS HERE FOR YOU!

Are you seeking answers in life? Are you hurting? Are you facing a difficult situation?

Find peace with God, discover more about God or send us your prayer request.

Call The 700 Club Prayer Center at 1 (800) 823-6053, 24 hours a day.

A caring friend will be there to pray with you in your time of need.

CBNNews.com

CBNNews.com

CBN News is a national/international, nonprofit news organization that provides programming by cable, satellite, and the Internet, 24-hours a day. Follow us on Facebook, Twitter, and Google+.