Tax Advice


Sponsored By:

   The Nation  |  Business  |  Equipment  |  Features


Oil drops to $86.54, cheapest it’s been all year

Oil is now the cheapest it's been all year.

By CHRIS KAHN
The Associated Press

5/31/2012

NEW YORK — The price of oil is falling again on reports that the U.S. economy isn't growing as expected.

Benchmark crude lost $1.28 to $86.54 per barrel in morning trading in New York. Brent crude lost $1.13 to $102.34 per barrel in London.

Oil is now the cheapest it's been all year.

Prices have been falling due to a variety of factors. On Thursday, the U.S. reported that the economy grew by 1.9 percent in the first quarter, slower than first estimated. The number of Americans seeking unemployment benefits also rose last week to a five-week high.

____________________________________________________________________________________________________________________

ADVERTISEMENT

THE RECENT INCREASE IN FREIGHT VOLUME MEANS NEW JOB OPPORTUNITIES ON GOTRUCKERS.COM. CLICK FOR MORE DETAILS.

_____________________________________________________________________________________________________________________

Tensions also are easing over Iran's nuclear program, reducing chances for a conflict in the Persian Gulf. And China's manufacturing sector is slowing down while Europe's banking crisis threatens to plunge the region into recession.

The Trucker staff can be reached to comment on this article at editor@thetrucker.com.

Find more news and analysis from The Trucker, and share your thoughts, on Facebook.