Oil prices comes down to $85 a barrel

Submitted by Ginevra Sanguigno on Sat, 04/10/2010 - 13:36

Oil prices came down to $85 a barrel showing a backward trend from 18-month high above $87 a barrel.

If oil prices continue to collapse, the prices of gasoline prices will also fall.

But according to experts gasoline prices will increase in summer due to vacations and driving season.

Oil prices fall down even though stock markets return back to previous condition and weak dollar as compared to other major currencies which normally increases oil prices as investors having foreign currencies can buy more crude for the same price.

Oil price rises to $87.09 on Tuesday after the government made announcement of increasing jobs in economy which means more people will be driving to work.

The U. S. is storing more oil than normal. As gasoline demand has increased 2%, overall petroleum demand, including jet fuel and diesel fuel, has fallen down.

Heating oil and gasoline fell less than a penny to settle at $2.226 and $2.2893 a gallon, respectively. Natural gas added 16.1 cents to settle at $4.070 per 1,000 cubic feet.