Oil Prices Slip Lower

(Undated) – Gas prices have continued to trend lower driven in large part by the decline in oil prices. According to GasBuddy.com, last week saw one of the largest weekly declines in oil prices in some time with WTI falling nearly $6 per barrel to close the week under $80. Brent crude oil also saw a drop of over $5, ending the week at $82 per barrel. GasBuddy Head of Petroleum Analysis, Patrick De Haan, says while one might expect significant news to be behind the selloff, much of the drop is likely technical, or seasonal. In early Monday trade, a barrel of WTI crude was up 63 cents to $78.74, a far cry from last Monday’s $83.25 per barrel level. Brent crude was also higher by 55 cents to $83.51 per barrel, down from $88.72 early last Monday.