Crude Oil Prices Forecast To Continue Falling
The price of crude oil fell last week after the most recent jobs report increased concerns that the US economy is still struggling to pull out of it’s current slump. WTI crude oil futures for October were down 0.95% at $93.55 a barrel. New York traded oil futures hit a low of $92.89 and a high of $94.99 on Friday. By holding higher than the bottom of $92.50 there is still hope that consolidation will take place and the price per barrel will emerge next week with a higher forecast.
The Department of Labor reported that the US added 142,000 jobs in August, falling far short of the expected 225,000. As there is no shortage of oil supply at the moment, the price can be expected to continue falling. One thing that is expected to help bolster the price of crude oil in the coming weeks is the reported shortage in gasoline inventories, which fell to 210 million barrels, the lowest point this year.