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US gasoline prices fall to lowest since May, Brent below $100

US gasoline prices fall to lowest since May, Brent below $100
Brent crude lower than $100 for first time since April 25

By Ovunc Kutlu

ANKARA (AA) - US gasoline prices fell Wednesday to their lowest since May, as recession fears create downward pressure on the oil demand outlook and push crude prices lower.

The national average stood at $4.779 per gallon (3.785 liters) for regular gasoline, slightly down from $4.800 the previous day, $4.868 a week ago and $4.865 a month ago, according to the figures from the American Automobile Association.

The national price posted its lowest since the week ending May 30 when it averaged $4.624, according to US Energy Information Administration data.

The latest price, however, is still up 52.5% from $4.779 a year ago.

The highest price was recorded in the state of California at $6.217, followed by Hawaii with $5.616 and Alaska at $5.543.

Global oil benchmark Brent crude fell below $100 per barrel on Wednesday for the first time since April 25, sinking to as low as $98.59 during the day -- its lowest since April 11.

American crude oil benchmark West Texas Intermediate sank to $95.17, marking its lowest since April 12.

Both benchmarks plummeted more than 8% Tuesday, as recession risks pose a negative effect on the outlook for global oil demand.

source: News Feed
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