Oil prices continued to fall, with wholesale and retail gasoline prices falling together.

The latest losses accelerated after data showed an unexpected surge in crude oil and gasoline( ABB FS450R12KE3/AGDR-71CS IBGT drive Module, Siemens 6ES7443-1EX30-0XE1 Communication Module, Allen Bradley 1794-OE4 Output Analog Module) inventories last week and OPEC + said it would increase its oil production target by 100000 barrels per day. Light sweet crude oil fell nearly 4%, slightly higher than $90 a barrel. This is the first time that oil has closed below $91 a barrel since Russia invaded Ukraine.

The fall in crude oil prices has led to a sharp decline in the retail price of gasoline. After hitting an all-time high in June, the average gasoline price has fallen for 50 consecutive days and is now close to $4 per gallon. The national average price of unleaded gasoline is now $4.14 per gallon. This is 17% lower than the previous high of $5.02 per gallon set on June 14.

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