Digital News Report – Despite China’s announcement last week that they will increase oil imports, the price of oil may be dropping.
Oil prices spike Monday but fell off Tuesday and Wednesday. PFGBest analyst Phil Flynn told Business Week “If oil prices have peaked, maybe $3 isn’t a foregone conclusion.” But temperatures are rising and oil may be on a downward trend, according to the report.
China announced a change in bank lending and the Energy Information Administration report pushed prices lower. Combine that with a 3.7 million barrels surge in supply and prices may be going lower.
By: Tina Brown