“That’s making people wonder if we’re going to see any kind of demand rebound this summer,” Brockwell added.
The easing prices at the pump may also reflect the weakness in crude oil as global economic growth wanes, notably in Europe and China, and easing tensions over Iran’s nuclear program.
Manufacturing data from Europe and China reveal a sharper slowdown in the world economy and lower demand for crude, reports the Associated Press. Italy and Spain have already fallen into recession.
WTI crude is hovering around $90 per barrel.
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Max Chen contributed to this article.