Oil prices dropped even further Friday, following Thursday's stock market plunge. Crude oil closed out the week at $75.11 a barrel on the New York Mercantile Exchange, an 11-week low
Oil Reaches 11-Week Low Following Market Plunge
Oil prices dropped even further Friday, following Thursday's stock market plunge. Crude oil closed out the week at $75.11 a barrel on the New York Mercantile Exchange, an 11-week lo
by Staff
May 7, 2010
One reason investors are shying away from oil is because supplies are outnumbering demand. (Photo courtesy of Shell)
1 min to read
, according to reports by the Wall Street Journal.
Oil futures lost $11.08 a barrel, or 13 percent, over four straight days last week. The Journal cites investor concerns over Europe's debt crisis, increasing petroleum stockpiles and some recent reports on the state of the economy.
The Department of Labor announced that the unemployment rate had increased from 9.7 percent to 9.9 percent in the first quarter.
In addition, investor worries over the European debt crisis impacted the stock market and pushed crude prices down as well, the Journal says. Investors are also shying away from crude because stockpiles and supplies are growing faster than demand, the publication reports.
More Drivers
Federal Proposal Would Allow Pell Grants for Shorter-Term Job Training
The Department of Labor plans to expand Pell Grant eligibility to some shorter workforce training programs, a move the American Trucking Associations said will help strengthen commercial driver training schools and diesel technician training programs.
Read More →
Owner-Operator Model Gets Boost as DOL Proposes 2024 Independent Contractor Definition Reversal
For an industry that has watched this issue go back and forth for years, the independent contractor proposal marks the latest swing in the regulatory pendulum.
Read More →
FMCSA Reinstates Field Warrior ELD to Registered Device List
One electronic logging device has been reinstated to the FMCSA's list of registered ELDs.
Read More →
How One Company is Using Smart Suspension Technology to Reduce Driver Injuries and Improve Retention
America’s Service Line adopted Link’s SmartValve and ROI Cabmate systems to address whole-body vibration, repetitive strain, and driver turnover. The trucking fleet is already seeing measurable results.
Read More →
CarriersEdge Announces 2026 Best Fleets to Drive For
The 18th annual contest recognizing the best workplaces for truck drivers sees changes to Top 20, Hall of Fame
Read More →
FMCSA Targets 550+ ‘Sham’ CDL Schools in Nationwide Sting Operation
The Federal Motor Carrier Safety Administration issued more than 550 notices of proposed removal to commercial driver training providers following a five-day nationwide enforcement sweep. Investigators cited unqualified instructors, improper training vehicles, and failure to meet federal and state requirements.
Read More →
DOT Alleges Illinois Issued Illegal Non-Domiciled CDLs
Illinois is the latest state targeted and threatened with the loss of highway funding by the U.S. Department of Transportation in its review of states' non-domiciled CDL issuance procedures. The state is pushing back.
Read More →FMCSA Locks in Non-Domiciled CDL Restrictions
After a legal pause last fall, FMCSA has finalized its rule limiting non-domiciled commercial driver's licenses. The agency says the change closes a safety gap, and its revised economic analysis suggests workforce effects will be more gradual than first thought.
Read More →
Trucker Path Names Top Truck Stops for 2026
Truck driver ratings reveal the best chain and independent truck stops in the country.
Read More →
Sponsored•February 1, 2026
6 Dashcam Tactics to Improve Safety & ROI
6 intelligent dashcam tactics to improve safety and boost ROI
Read More →