Although economic factors become part of the credit for lower prices, analysts said the decision to pump more oil to market is important, too.
The International Energy Agency announced last week that 60 million barrels of oil would be introduced in the market, with half coming from the Strategic Petroleum Reserve. The other half will come from other nations. The decision came after international OPEC could not come to agreements earlier this month to increase production quotas.
Trilby Lundberg, publisher of the Lundberg Survey, told CNN prices will probably fall another 50 to 20 cents a gallon in the coming weeks. Lundberg cited the demand for gasoline down because of underemployment or unemployment.
