Report: Decline in Oil Prices Could Continue into 2015
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iStock/Thinkstock(NEW YORK) — Oil prices are expected to drop into 2015, the International Energy Agency said in its Oil Market Report Friday morning.
Downward price pressure is expected to continue into the first half of next year, with oil demand falling to five-year lows while oil production shows no sign of decreasing.
Crude oil prices have dropped around 30 percent since June to a four-year low, with a strong U.S. dollar and rising U.S. light oil output outweighing any disruptions in the global oil distribution.
Brent and WTI crude were both below $80 per barrel as of Thursday morning.
All of this has meant good news for U.S. drivers, who have seen prices plummeting at the gas pumps nationwide. The average gas price in the U.S. is currently $2.91/gallon.
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