Oil Prices Slid to Hover Above $68 US
Oil prices fall Thursday. Gas prices also fell as traders took profits from a run-up a day earlier. But the drop was small, and analysts say gasoline futures may rebound in coming days because U.S. supplies are relatively tight, and peak summer demand is approaching.
Many analysts are predicting that crude futures will soon surpass their trading record of $70.85 a barrel, reached Aug. 30 after hurricane Katrina struck the Gulf Coast.
As the summer approaches, not only are refineries still undergoing seasonal maintenance and recovering from last fall's hurricanes, they are also struggling with the prospect of tight ethanol supplies.
Many analysts are predicting that crude futures will soon surpass their trading record of $70.85 a barrel, reached Aug. 30 after hurricane Katrina struck the Gulf Coast.
As the summer approaches, not only are refineries still undergoing seasonal maintenance and recovering from last fall's hurricanes, they are also struggling with the prospect of tight ethanol supplies.
posted by Ottawa Gas Prices | 9:10 PM
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