Operations

Price of Crude Oil on the Decline

Posted on February 5, 2008 by LCT Staff - Also by this author - About the author

U.S. — Oil futures fell below $89 earlier this week after financial markets were surprised by data that indicated the traditionally strong service sector shrank dramatically last month, raising the prospect that demand for energy will weaken along with the economy. Expectations that crude supplies are climbing also took prices lower.

It was the latest in a series of reports that have raised worries that the economy is nearing a recession. And it came amid forecasts that crude supplies grew last week by 2.6 million barrels, according to the average estimate of analysts surveyed by Dow Jones Newswires. The Energy Department will issue its weekly report on oil inventories on Wednesday.

"Crude and products futures are lower... as continued fears of a recession in the U.S. coupled with forecasts for another considerable build in U.S. crude stocks take some of the steam out of the market," said Addison Armstrong, director of exchange traded markets at TFS Energy Futures LLC in Stamford, Conn.

At the pump, meanwhile, gas prices were unchanged Tuesday at $2.977 a gallon, according to AAA and the Oil Price Information Service. Gas prices, which typically lag the futures market, have been mostly falling lately, following oil's retreat. The Energy Department expects gas prices to rise to new records near $3.50 a gallon this spring, but analysts say the prospect of a severe economic slowdown throws such dire forecasts into question.

SOURCE: Yahoo News

View comments or post a comment on this story. (0 Comments)

More News

Celebrity Worldwide Launches New Charter Jet Website

Clients of the Philadelphia-based company can book seamless air travel worldwide through an easy, more informative site.

No Way Uber Worth $70 Billion, Investor Says

Meanwhile, the feds have penalized the TNC for misleading consumers on its privacy practices.

Updated Uber For Business Gives Companies More Control

The TNC's refreshed platform will help streamline corporate ride-hail use, especially for unmanaged travel programs.

Dream Team: How One Company Keeps Clients And Staff

eNews Exclusive: Concierge Limousine along California’s Gold Coast knows that without happy, loyal employees, an operation will fall apart.

Layoffs Feared As Uber Shuts Down Leasing Unit

Being in the car leasing business was harder than the TNC imagined.

See More News

Facebook Comments ()

Comments (0)

Post a Comment

Submit

Blog

See More

LCT Store

LCT Magazine - August 2017 $12.95 MILLENNIALS/FAST 40 ISSUE COVER STORY: * How to Score & Keep The Best Young Talent * *



Connect

Experience the three annual industry events for networking for business, showcasing vehicles and products, and getting the tools for success.

Read About Your Region

What’s Happening Near You?
Click on any state to see the latest industry news and events in that region.

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Metro Magazine

Serving the bus and passenger rail industries for more than a century

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

Please sign in or register to .    Close