ASSOCIATED PRESS: Price of oil fell 10 percent last week.
ASSOCIATED PRESS: Price of oil fell 10 percent last week.
The lower crude prices will mean gasoline prices will slide lower in the coming weeks, and many drivers will likely pay under $2 a gallon in the summertime for the first time since 2004. Oil prices had appeared to stabilize in a range nearly 15 percent higher than the depths they had reached in late January. But on Friday the International Energy Agency called a recent rise in oil prices a “head fake” and a “facade of stability.”
“The rebalancing (of supply and demand) triggered by the price collapse has yet to run its course,” the agency wrote in its monthly oil market report.
