Oil prices dropped again this week as the Energy Information Administration said crude inventories rose by 9.4 million barrels during the week ended Aug. 15.
Crude oil prices fell to slightly more than $113 per barrel in trading on the Chicago Mercantile Exchange yesterday. The U.S. dollar has risen against most currencies in recent weeks, giving traders additional reason to exit commodities. Since mid-July, crude oil prices have declined by about $35, or nearly 25 percent from the record $147.27 set July 11.
Declining crude oil prices have translated into a decline in both gasoline and diesel prices. Average