Crude oil prices fall to $96.32 in continuing slide
London, United Kingdom (AHN) – Oil prices continued to fall on Wednesday, dropping an additional 0.7 percent as concerns about the U.S., European and global economies mounted.
Another factor in pushing crude oil prices down was news that Saudi Arabia might boost its production.
Oil prices have fallen more than 9 percent over the past six trading days. That represented a decrease in U.S. crude oil prices of nearly $10 per barrel, dropping the price to $96.32 per barrel.
Moreover, oil prices have dropped about 2.5 percent over the past four months.
That may be bad news for oil traders and speculators and for investors who have stock in oil companies, but it is good news for struggling cash-strapped consumers.
In addition, the same concerns that helped push crude oil prices lower also helped to push prices lower for other commodities, such as gold and copper.