Oil Prices Continue to Tumble
Posted on May 6, 2011
This is great news: Crude oil prices continued to slide Friday as dealers awaited a report on the U.S. job picture. But the average price of gas at the pump remained at a painful $3.99 per gallon. —YL
The plunge in oil prices accelerated on Friday, as dealers became nervous about the release of US jobs data later in the day, analysts said.
Both main global contracts had posted gains in the morning as bargain hunters stepped in following Thursday’s sell-off that saw New York crude dive at its fastest pace in two years.
New York’s main contract, West Texas Intermediate (WTI) light sweet crude for delivery in June, slumped as low as $94.63 in London trade after losing more than eight percent to $99.80 Thursday, the first time it had fallen below $100 since March 16.