Gasoline price decline continues
The average price of a gallon of gasoline slipped on Wednesday to $3.943, according to AAA. Tuesday’s price was $3.949 The price dropped below $4 for the first time since March last Thursday, when the price fell to $3.99. Gas has been on the decline since hitting a high of $5.016 on June 14. Diesel slipped as well to $5.011 from $5.021.
Oil prices lower after hitting 6-month low
Oil prices turned lower overnight after gaining briefly following falling to a six-month low on Tuesday.
West Texas Intermediate (WTI) crude futures traded around $86.00 a barrel. Brent crude futures were around $91.00 a barrel.
The contracts slumped about 3% on Tuesday as weak U.S. housing starts data spurred concerns about a potential global recession.
Crude stocks fell by about 448,000 barrels for the week ended Aug. 12. Gasoline inventories fell by about 4.5 million barrels, while distillate stocks fell by about 759,000 barrels, according to Reuters sources.
Cryptocurrency prices for Bitcoin, Ethereum and Dogecoin were mostly higher Wednesday morning
Bitcoin was trading at around $24,000 after trading lower for three straight days. Bitcoin has gained more than 3% in the past week. For the month, the cryptocurrency has gained 0.7%, but for the year it is down more than 48%.
Ethereum was trading around $1,900, gaining more than 10% in the past week.
Dogecoin was trading lower at 8 cents after rising more than 25% in the past week.