(NEW YORK) — Oil prices have been sharply lower this week, down about seven percent since Friday.
In New York trading Wednesday, oil settled at $91.98, down $3.31 for the day.
The recent run-up in the price of oil may have been a bit of an anomaly. Analysts have been saying for weeks that oil prices near the $100 mark seemed too high.
Oil prices may also be coming down because U.S. oil inventories reported by the Energy Information Administration were higher than expected.
The price drop is particularly significant because prices are coming down despite QE3. Critics of the Fed’s move often cite concerns that it could increase oil (and other commodity) prices.
Oil Wednesday had its lowest close since Aug. 3. This confirms forecasts that gas prices will drop through the end of the month and the end of the year.
Copyright 2012 ABC News Radio
Julia Horowitz, CNN
Susan Scutti, CNN
Matt McFarland, CNN
Nate Eaton, EastIdahoNews.com