US oil worth lowest in practically a 12 months, gasoline down 6% in a month

US oil price lowest in nearly a year, gas down 6% in a month

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London
CNN Business
 — 

US oil prices have fallen to their lowest level since December 2021 on concerns that protests in China against Covid-19 lockdowns will dent demand.

West Texas Intermediate crude oil futures, the US benchmark, slid 2.7% on Monday to trade close to $74 a barrel, a level last reached in December 2021. Futures for Brent crude, the global benchmark, dropped 2.9% to trade close to $81 a barrel. That’s its lowest level since January.

Global oil prices have fallen about 35% since June as strict coronavirus restrictions in China have kept demand weak, and as some of the world’s major economies have signaled they are heading toward a recession.

That’s helped push down gasoline prices for American drivers.

The national average cost of a gallon of gas is now $3.55, down 0.3% from a day ago and by 5.7% from last month, according to the AAA. Crude…

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