Crude Oil Prices Fall Below $60

New York, NY, Dec. 12 2014 — Crude oil fell below $60 a barrel for the first time in five years, prompting the fastest selloff in oil prices since 2008.

Consumers will benefit from falling prices at the pump, averaging at $2.62 per gallon. However, stocks reacted negatively, especially for oil-producing companies, as did currencies of oil-producing nations.

OPEC’s Thanksgiving week decision to maintain current production levels contributed to the fall, but the downward trend began in June.