U.S. Gasoline Falls Below $4 a Gallon as Brent Crude Slips Under $90
Updated
Updated · CNBC · Nov 10
U.S. Gasoline Falls Below $4 a Gallon as Brent Crude Slips Under $90
3 articles · Updated · CNBC · Nov 10
Summary
$3.9788 a gallon — the U.S. average price for regular gasoline — marked the first drop below $4 since July, according to AAA.
Prices are down about 17 cents from a week ago and nearly 39 cents from a month ago as October energy inflation cooled sharply and seasonal autumn declines added to the relief.
Brent crude briefly fell below $90 a barrel for the first time since August after hopes for a U.S.-Iran de-escalation and recovering Persian Gulf flows eased supply fears.
ING said regional crude exports have rebounded to roughly 80% to 85% of prewar levels, helping keep pressure on oil and gasoline prices.
Fed Governor Christopher Waller said cheaper energy should help, but warned inflation could still feel lasting effects if fuel prices remain elevated versus the start of the year.