Rapidly climbing energy prices stalled this week as a steady stream of dismal financial news suggested that even if the global economy has bottomed out, it will be some time before demand for crude rebounds.
Benchmark crude for June delivery fell $1.45 to $57.17 a barrel on the New York Mercantile Exchange. Since the start of May, oil prices have jumped by nearly $8 a barrel as it appeared the worst of the recession was over.
U.S. retail gas prices continued to rise Friday, as they have every day this month, with refiners cutting back on production to match lessening demand. A forecast by AAA showed that more Americans are expected to travel on Memorial Day …
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