The price is down 94 cents from last year’s average. “So far this July, West Texas Intermediate (WTI) crude has managed just three days of increases with those increases averaging out to just 72 cents per barrel”.
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Other factors include lower demand from China, a stronger U.S. dollar, and an abundant supply. It’s about 15 cents off last Monday’s norm.
Meanwhile, the growth in demand internationally appears to have peaked in the first quarter and will continue to ease throughout the rest of 2015 and into 2016 – leading to a bigger glut on oil on the market and driving prices down, according to the global Energy Agency.
The Dearborn-based auto club says the average price for self-serve regular unleaded gasoline was about $2.62 per gallon on Sunday.
In the Twin Cities the cost to fill up averages $2.53, down nearly a dime a gallon.
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Patrick DeHaan, a senior petroleum analyst for GasBuddy, said trends this summer in crude oil prices could signal another dip at year’s end. Diesel gasoline averaged $2.60 a gallon in Memphis, down six cents from a week ago.
