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
One reason investors are shying away from oil is because supplies are outnumbering demand. (Photo courtesy of Shell)
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
, 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.
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