Newspaper article The Topeka Capital-Journal

Futures File: Crude Oil at Lowest Price since 2009

Newspaper article The Topeka Capital-Journal

Futures File: Crude Oil at Lowest Price since 2009

Article excerpt

Here is our weekly commodities wrap-up:

Crude oil prices continued drilling downward this week, diving below $58 per barrel, the lowest price since 2009. Prices are sliding as global producers continue pumping oil at a record pace, led by recent production increases in Libya, Iraq and the U.S.

Rather than reducing output to help boost prices, producers like Saudi Arabia and Kuwait have been cutting prices in recent weeks in an effort to keep their customers happy. If some producers get desperate enough, they may actually increase production in an effort to increase income, which will only exacerbate the supply glut.

Longer-term, analysts expect that lower energy prices should stimulate demand and reduce output, which should stabilize prices. For the time being, the markets are continuing in a freefall, with crude oil dropping another $8 per barrel this week, which helped drag gasoline futures down by another 17 cents per gallon.

COFFEE GRINDS LOWER

Just as drivers' fuel costs are collapsing, so too is the cost of office workers' primary fuel: coffee. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.