Crude Oil Prices May Continue to Fall

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rude oil prices may fall for the third straight week next week as rising OPEC output continues to boost U.S. inventories and on signs of slowing global economic growth, Bloomberg reported.

Firday's closing price of $46.80 a barrel on the New York Mercantile Exchange was the lowest close since Feb. 9, Bloomberg reported. It was more than $11 below an all-time record set April 4, when futures touched $58.28.

Almost 60% of analysts polled said oil prices will fall next week, Bloomberg said. Oil prices have dropped 7.2% in the past two weeks.

U.S. crude supplies have risen 14.5% this year to the highest since June 1999, as OPEC members boosted production to near capacity, Bloomberg said. The United States is the world’s largest oil consumer, accounting for one-fourth of consumption.

Benchmark light sweet crude oil futures fell $1.75, or 3.6%, during the first four days of Nymex trading this week.

Oil price drops this week were aided by strong inventory reports issued by the Energy Department on Wednesday.

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