By Tom Whipple, ASPO-USA
A mid-week update. Oil prices have fallen $2-3 a barrel this week on weaker demand, increased US production, rising product stockpiles, and a stronger dollar. At the close on Wednesday, NY oil settled at $94.28 and London at $102.60 with the WTI-Brent spread climbing to $8.32. The weekly stocks report showed stocks at Cushing, Okla. increasing to by 450,000 barrels to 50.2 million last week. The report also showed US gasoline consumptionover the last four weeks at 8.5 million b/d, the lowest level in ten years.