11/14/2014

Oil Prices Fall to Four-Year Low

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Benchmarks for crude oil futures in the U.S. and overseas dropped to four-year lows on Thursday.

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Benchmarks for crude oil futures in the U.S. and overseas dropped to four-year lows on Thursday.

Prices for West Texas Intermediate fell to $74.28 per barrel. Brent crude declined to $77.52. Both prices are about 30% below June levels.

Traders attribute the slide to a refusal by members of the Organization of the Petroleum Exporting Countries to cut production. OPEC supplies about 40% of the world's crude.

The slump in petroleum prices continues to help lower the retail cost of gasoline. The U.S. average per gallon begins today at $2.92, down from $3.20 a month earlier, according to the AAA Daily Fuel Gauge Report.

AAA notes that the national average for gasoline has declined for 46 consecutive days, the longest continuous decline since 2008.