Oil Prices Slide To Lowest Level In A Week

By: AP
By: AP

The price of oil dropped to its lowest level in a week after reports of a slowdown in Chinese manufacturing.

Benchmark U.S. crude fell $2.61 to $104.66 per barrel. On March 15, oil hit $103.78.

The price fell after a London bank said Chinese industrial activity dropped to a four-month low in March. That could slow demand for crude because China's factories are big users of oil.

The price is also down because U.S. oil and gasoline demand are falling. And Saudi Arabia, the world's largest producer, earlier this week pledged to increase exports to help keep a lid on prices.

Brent crude fell $1.51 to $122.69.

Retail gasoline prices rose by nearly 2 cents to $3.88 per gallon. Gas is $4 or more in ten states and Washington D.C.

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  • by Richard Location: Colorado Springs on Mar 23, 2012 at 01:09 PM
    Since the price of oil is one of several factors that set the price of gasoline, it does not make much of a difference if oil prices go down. Look at how commodities traders cause price hikes due to bidding on oil and gas futures keeping them as high as possible and dont forget the oil companies and refineries that need to keep those billons of dollars of quarterly profits up. So oil can keep going down and others with their greedy hands on the gas pumps will keep the prices going up.
  • by Getreal7 Location: cs on Mar 22, 2012 at 11:08 AM
    Obama said today he's approving the pipeline. No not from Canada, the one from OK to TX. Just watch gas prices plummet!! (insert as much sarcasm as you'd like)
  • by Bob Location: Colorado Springs on Mar 22, 2012 at 08:58 AM
    @Arctic Warrior lol no it won't, we'll see another nickel jump today or tomorrow.
  • by Arctic Warrior Location: Colorado Springs on Mar 22, 2012 at 08:25 AM
    However, it will take several months before we see a price change at the pumps.
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