Oil Drops Below $93 per Barrel

The price of oil fell below $93 per barrel this week, largely on concerns regarding a slowing European economy coupled with worries that U.S economy is also at risk.

This is in sharp contrast to prices that topped $95 last week.  According to reports, the downbeat economic news comes as the U.S. Energy Department shows that oil supplies declined last week.   At the same time, demand for gasoline and distillates, including diesel fuel, remain below levels from 2012.

Further damping the oil market were suggestions that the EU has launched an investigation into possible oil market price-fixing.

Category: Featured, Fuel & Oil, General Update