OIL PLATFORM

It is almost 17th day that gasoline prices are going down and getting more attention of its consumers as compared to the current rise in crude oil price which raised almost 2.5% on Friday. The drop down in gasoline price is only 5 cents which is 10 cents higher than the price at the same date last year but according to the finding of Wilmington-based AAA Mid-Atlantic, records tell that this amount is still $1.39 which is far less than $4.11which was two summers before.

Now turning towards the crude oil prices if we talk about second following week, the prices of crude oil have fallen following the constant symbols of slow economic revival. The oil prices have already fallen almost 10 percent from early August prices. Crude oil prices have added $1.81 to the $75.17 a barrel price on the New York Mercantile Exchange in effecting to the October delivery.

The rise in crude oil prices is similar to the rise in 2009. Still, coming September will decide whether this is purely a seasonal lift in demand or whether a big part of the rise can be credited to economic improvement. With this entire raise the stocks of gasoline were almost unaffected. In American Petroleum Institute’s (API) report, the EIA also showed that the demand of gasoline increased 223,000 barrels per day (bpd) to 9.459 million bpd.

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