Oil price at the pump in the US plunges: crude follows

oil price weekend


It doesn't come as a surprise owing to the lower demand and economic uncertainties across the globe, involving all major economies.

The EIA, the US Energy Information Administration, says the price of gasoline stands at just $2.20, before the Labour Day weekend – the lowest since 2004.

Reflecting the trend, the crude oil price went below $40.00 this week.

There were additional factors at work too: the crude oil imports in Asia fell significantly, implying yet another supply glut – may be not as severe as what we saw during the pandemic.

EIA Data


 

 


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