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Despite another valid attempt, the price of crude oil was unable to hold below $60 per barrel and actually ended up rising nearly $1. After starting the day by falling $1.03 to $59.52, oil was able to rally and finish at $61.45, up $.90 from Friday’s close.
Many analysts believe OPEC as the major reason oil is unable to hold below $60, and that crude prices may have reached a short term bottom. OPEC has stated that if crude oil fell below $60 that they would begin to look into cutting back oil production.
In better news, the average price of gasoline has continued its sharp decline and now sits at $2.38 per gallon, falling over $.20 the last two weeks. Today’s gas prices represent seven month lows.
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An interesting site. Thanks!