Oil Prices Drop
NEW YORK --- Crude-oil futures dropped more than $2 a barrel today, amid lingering concerns about demand, the Wall Street Journal reported.
NEW YORK --- Crude-oil futures dropped more than $2 a barrel today, amid lingering concerns about demand, the Wall Street Journal reported.
At one point today, light, sweet crude for December delivery was down $2.61 at $65.20 a barrel on the New York Mercantile Exchange. Brent crude on the ICE Futures exchange fell $4.06 to $61.26 a barrel.
One factor has been a slowdown in China's economic growth, according to analysts at Credit Suisse. Credit Suisse now sees world oil demand falling by 300,000 barrels a day next year -- the sharpest decline since the early 1980s.
"The oil market news is understandably dominated by repeated, rapid downward lurches in the demand curve, and these may continue for a while yet," the bank's analysts said in a note.
In general, Nymex crude has traded between $60 and $70 a barrel over the past week.
"The market is still trying to make up its mind about taking another leg down," Dean Hazelcorn, a trader at Coquest Inc. in Dallas, told the Wall Street Journal. "I think it's at least a 50-50 chance."
A week ago, the price of crude touched $61.30 a barrel, the lowest since May 2007.
The Organization of Petroleum Exporting Countries last month agreed to trim output by 1.5 million barrels a day, starting Nov. 1.
The cartel's president, Chakib Khelil, on Sunday said the move "will take a long time to take hold" and shore up prices because demand for oil remains below OPEC's revised production level, Agence France-Presse reported.
The United Arab Emirates, Nigeria and Iran have all announced plans to cut supply. But crude oil traders are still waiting for Saudi Arabia's response to OPEC's decision.
In its note, Credit Suisse said, "OPEC is now in damage limitation mode and all talk of defending certain price levels is fanciful."
More Fuel
Study: How 2026's Gas Price Hikes Affect Different Vehicle Types
New data from iSeeCars reveals how rising fuel costs have affected different vehicle segments as gasoline prices climbed nearly 46% over the past four months.
Read More →
Are You Tracking Your Fleet's True Total Cost of Ownership?
Bobit Business Media surveyed 190 fleet professionals and found that while most fleets are tracking costs, fragmented systems and data gaps are keeping true TCO visibility out of reach. With rising pressure to control spend in an increasingly volatile environment, the gap between what fleets think they know and what the data actually shows is wider than you might expect. See how your peers are managing costs today and where the industry still has room to improve.
Read More →
May Fuel Update: All Regions Experience Declines
Gas prices are finally easing in much of the country, but experts warn global tensions could quickly reverse the trend as the national average remains well above last month’s levels.
Read More →
April Fuel Update: Prices Climb Above $4 as Spring Surge Accelerates
National average jumps to $4.04 per gallon, up sharply from last year, with West Coast prices topping $5 and further increases expected amid rising oil tensions.
Read More →
Tips from Fleet Managers on Saving Fuel Costs
Fleet leaders share practical strategies to reduce fuel spend through smarter policy, routing, and driver guidance.
Read More →
March Fuel Update: Prices Settle With a $4 Average
Fuel prices significantly slowed this week, but a $4 national average is still expected.
Read More →
Bob Adamsky on Fuel Volatility: “Don’t Panic — Have a Plan”
With oil prices rising again, AWP Safety’s fleet manager shares how to respond to rising fuel costs and how the right strategy can turn fuel spikes into cost-saving opportunities.
Read More →
Oil Market Turbulence Is Complicating Fleet Cost Planning
Rapid swings in crude oil prices driven by the conflict in the Middle East could create longer-term cost pressures for fleets, affecting fuel prices, supply chains, and vehicle strategy, says NTEA’s Andrew Wrobel.
Read More →
February Fuel Update: Prices Inch Higher for Third Week in a Row
The final February fuel update reveals prices continuing to inch higher for the third week in a row.
Read More →
The 2026 Fuel Economy Guide: Updated Cost and Efficiency Benchmarks for Fleets
Fleet managers can use the DOE’s 2026 Fuel Economy Guide to benchmark MPG across powertrain types using side-by-side vehicle ratings and compare new model-year options.
Read More →