Oil Price Drop offering No Relief for Motorists as Gas Prices Remain Unchanged
by Dian L. Chu
The Reuters Jefferies CRB Index is down 8% so far in May with almost every single commodity in the index registering red. Even the ongoing geopolitical tension in the Middle East and North Africa has not been able to shield the ever bullish crude oil from the commodity rout. Both Nymex WTI and ICE Brent suffered heavy losses.
In the two weeks ending Friday, May 13, Brent dropped about 10% to close at $113.83 a barrel on ICE, while WTI plunged 12% to $99.65 a barrel at Nymex, and RBOB gasolne futures for June also lost 8% to around $3.0766 a gallon.