Oil Falls Below $100 Per Barrel

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Oil has dipped below $100 per barrel on news of diminishing demand. Year over year, crude oil consumption saw a 3.2% decline. This was enough to send speculators running for the hills on an orgy of profit taking.

Demand for gasoline also fell 1% for the same period.

Refineries also seem to be cutting back output on low grade gas, indicating less comsumption again. The higher prices at the pump seem to be translating into less driving for consumers.

Seasonal fluctuations with oil and gas consumption will be on the mind of investors this week.

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