Bloomberg reports crude oil fell to the lowest in almost two months:
Crude oil for September delivery fell as much as $1.19, or 1.7 percent, to $70.70 a barrel in after-hours electronic trading on the New York Mercantile Exchange. The contract traded at $70.71 at 10:31 a.m. in London. That was the lowest since June 26. Oil has declined about 9 percent from the record $78.40 reached July 14.Brent crude oil for October settlement fell $1.28 to $71.55 a barrel in trading on the ICE Futures exchange, the lowest price since June 28.
According to Bloomberg, gasoline consumption dropped in the U.S., posting the biggest decline in four months:
U.S. gasoline use, as measured by deliveries from refineries, dropped 1.7 percent to 9.53 million barrels a day, the lowest since mid-June, the Energy Department said yesterday. Demand the week before averaged 9.7 million barrels, the second- highest ever.
I'm still not looking to see cheaper gas anytime soon.
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