Crude falls below $100 a barrel for the first time in nearly two months
CBSN
Worries that a slowdown in the global economy could dent the world's appetite for crude pushed oil futures below $100 a barrel on Tuesday for the first time in almost two months. If that continues, motorists could see a potential savings of up to 65 cents per gallon in the weeks ahead, one expert said.
On the New York Mercantile Exchange, benchmark U.S. crude oil for August delivery fell $8.93 to $99.50 a barrel Tuesday, its first dip below $100 since May 11. Brent crude for September delivery fell $10.73 to $102.70 a barrel.
Tuesday's sharp decline in oil prices follows a steady decline in U.S. gas prices from record highs set in June, with regular gasoline now selling for less than $5 a gallon at a majority of U.S. stations. If crude stays at that level, American motorists could see a potential price dip at the pump of between 40 to 65 cents per gallon in the weeks ahead, GasBuddy analyst Patrick De Haan tweeted on Tuesday.
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