AP
Oil hits 7-week low on demand worries, dollar gain
Tuesday July 29, 5:13 pm ET
By Stevenson Jacobs, AP Business Writer 
Oil prices tumble to 7-week low as demand worries grow, US dollar strengthens
NEW YORK (AP) — Oil prices tumbled more than $2 a barrel Tuesday, finishing at their lowest level in seven weeks as a stronger dollar and beliefs that record prices are eroding the world’s thirst for energy sparked another dramatic sell-off.
 
The drop — which surpassed $4 a barrel at one point during the day — was a throwback to oil’s nosedive over the past two weeks and outweighed supply concerns touched off by a militant attack Monday on two Nigerian crude pipelines. It was oil’s seventh decline in the last 10 sessions.

Light, sweet crude for September delivery fell $2.54 to settle at $122.19 on the New York Mercantile Exchange. It was the lowest settlement price for a front-month contract since June 10. Earlier, prices fell to $120.42, also the lowest level since June 10. Oil has now fallen more than $25 from its trading high of $147.27, reached July 11.

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   I like to think that we are trending down but I think this will be short lived. Not because we truly have not cut back on oil or that we continued to be lied to about the true state of oil supply and large investment institutions continue to artificially inflate crude prices for profit. However, anything time gas goes down the better so hopefully here is to lower fuel prices and a couple more bucks in your pocket.