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Oil prices drop to lowest levels of the year



Published: Wed, May 23, 2012 @ 11:45 a.m.

NEW YORK (AP) — The price of oil is hitting new lows for the year as U.S. supplies grow.

Benchmark crude on today lost $1.23 to $90.62 in New York. It fell as low as $90.18 earlier in the day. Prices haven't been below the $90 mark since Nov. 1.

Prices dipped after the U.S. said oil supplies grew last week to the highest level since 1990.

Oil is also falling this month with the European economy slowing down, cutting into what's expected to be record growth in world demand.

Analysts also say Iran may be allowed to keep supplying world oil markets this year as it negotiates with the West and eases concerns about its nuclear program.


Comments

1paul21045(28 comments)posted 2 years, 5 months ago

And the price on the street went up 10 cents yesterday!

Suggest removal:

2peggygurney(397 comments)posted 2 years, 5 months ago

Sooooo, why aren't gas prices at their lowest levels of the year???

Suggest removal:

3Otto(20 comments)posted 2 years, 5 months ago

Could it be GREED?

Suggest removal:


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