For the second quarter, crude oil prices have dropped about 20.4%, the steepest drop since 2008, the height of the credit crunch. As the crude oil supply is pent up in the U.S. there seems to be no real demand around the corner. China’s export and manufacturing numbers are low, and India’s economic growth has ceased. Lastly, the growth in the U.S. is sluggish, not leaving much room for oil prices to run.
However, crude oil prices have rebounded the past two weeks after falling below $80 a barrel.
United States Oil Fund (NYSEArca: USO)
Tisha Guerrero contributed to this article.