SINGAPORE - Oil prices fell on Thursday, pulled down by record U.S. crude production that led to a surge in stockpiles.
Spot Brent crude oil futures were at $71.91 per barrel at 0239 GMT, 27 cents, or 0.4 percent, below their last close. “This comes as U.S. refineries head into the spring maintenance period, stoking fears that crude oil demand will be soft and stockpiles will continue to rise,” it added. Oman’s energy minister Mohammed bin Hamad al-Rumhy said on Wednesday it was OPEC’s goal to extend the cuts, which were started in January, when they next meet in June.
Really, cause in my town it’s raised from $2.97 to $3.71 since January. No dip in my fuel cost.
If oil prices have dipped, why are the gas prices going up, up, and even up more?! The mid-grade prices are $4.23 per gallon and they are still ascending! Give me a break! If the oil prices are in fact dipping, then WHY?!!
Of course, if a Democrat were President, the news would be 'Oil prices dip, YAY!'
Good news ... but ... Going into election years Dem propaganda outlets always have to qualify good news as having a dark lining somewhere.
Wow the oil prices dipped this week, gas stations missed that but when the price went up two cents... they were quick to OVERCOMPENSATE!