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Oil Ends Week Lower, Gasoline Dropping

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Crude oil started the week lower and ended even lower.

Crude oil dipped below $96 a barrel in Friday morning trading recent price below $97 a barrel. That followed a drop Wednesday as the Energy Department announced increased inventories for the week ending May 4. The DOE reported that crude oil stocks had climbed 3.7 million barrels to 379.5 million continued to put downward price.

The bellwether energy price had opened the week below $97 after weeks after weeks of lingering above the $100 level. A disappointing US jobs report and Greece and France elected candidates who campaigned against austerity measures. Compounding the economic news was the revelation that JP Morgan lost $2 billion on a big credit-swap trade.

Stock markets were generally off around the globe as the weekend drew to an end, indicating investor apprehension about economic growth.

Meanwhile, gasoline prices continue to ease from their 2012 highs, with AAA reporting an average price of $3.734 for a gallon of regular.

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