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Benchmark crude oil prices fell to 15-month lows on Monday, which could hasten already falling gas prices.
Benchmark crude oil prices fell to 15-month lows on Monday, which could hasten already falling gas prices.
According to USA Today:
October contracts for Brent crude oil fell below $100 for the first time since May 2013 and are trading at about $100.32 a barrel, while West Texas crude dropped 30 cents to near 2014 lows at $92.99 a barrel. Behind the slump: easing geopolitical tensions in Ukraine and the Middle East and signs that China’s economy is slowing.
Paul Christopher, an investment strategist with Wells Fargo Advisors, said:
I suspect oil cannot fall further than $90 a barrel. Saudi Arabia and other OPEC members will start cutting production if oil continues to fall like this.