Oil Price Going Down This Week

Crude oil prices keep falling, as they are doing all this week, reaching a six-week low of $36.45. Furthermore, dealers predict further falls in the nearest future.
The reason of price?s decline many ascribe to British multiple system Asda, which announced it was cutting petrol prices to 80p a litre at its supermarkets, while in the past two weeks motorists have been paying an average of 83p-84p.
Also, the latest fall was caused by better-than-expected oil and petrol stocks reported by the US energy department, even though the American driving season, when demand is extremely high.
Benchmark Brent blend prices fell by up to 38 cents to $34.83. Brent and US crude later recovered slightly but remained lower on the day, going down almost 14% in a week.
Prices had run up by more than 30% since the start of the year, driven by a powerful combination of rising demand, refinery problems in the US and jitters over violence in Saudi Arabia and Iraq. The US EIA reported that crude oil stocks rose by 400,000 barrels to 302.1m barrels last week, the highest in nearly two years.
Gasoline stocks also rose by 2.1m barrels to 206.4m, easing concerns that US refineries will struggle to meet peak summer demand.