Relief Coming? Oil Price Drops $3 Per Barrel 4-12-2011 - WNEM TV 5

Relief Coming? Oil Price Drops $3 Per Barrel 4-12-2011

Oil is falling after Goldman Sachs warned investors that crude is due for a "substantial pullback."
Goldman analyst David Greely noted that global supplies remain "adequate" even though the rebellion in Libya shut down production there. Before fighting broke out in February, Libya exported about 1.5 million barrels per day -- 2 percent of global demand -- mostly to Europe.
Fears of tightening global supplies have helped push oil prices 33 percent higher since the middle of February.
Benchmark West Texas Intermediate crude for May delivery tumbled $3.47, or 3.2 percent, to $106.45 per barrel on the New York Mercantile Exchange, shedding nearly two weeks of price increases.
Meanwhile, gasoline pump prices continue to set new records for this time of year. The national average hit $3.79 per gallon overnight. Locally prices are hovering near $4.
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