Oil Stabilizes Near $119 After Wednesday’s Hike

After a slight rise during Wednesday trading, oil prices settled at $119.19 barrel today after the Energy Information Administration released a report showing higher than expected crude reserves, as reported by CNN.

The increase in crude stores is largely indicative of decreased consumption. Americans are driving less and have been forced to be much more fuel conscious. Demand for the past four weeks was 2.3 percent lower than last summer, which adds up considerably for the world’s number one consumer.

The slacking demand for oil is not necessarily a good thing, as it may correlate to decreasing economic output in the US – as evidenced by the ongoing recession – but any measures to break the dependence on foreign oil is a step in the proper direction.

Source CNN Money:

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