by Calculated Risk on 3/16/2015 01:54:00 PM

From the WSJ: Oil Prices Fall to Six-Year Intraday Low

Crude prices extended losses in early New York trading on a report, issued by a private data provider, that showed rising oil stockpiles at a key U.S. storage hub. Earlier, oil dropped as traders weighed the prospect of more Iranian crude hitting the global market, as negotiators came closer to a tentative political agreement on Tehran’s nuclear program.
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Recently, light, sweet crude for April delivery recently fell $1.65, or 3.7%, at $43.19 a barrel on the Nymex. It dipped as low as $42.85 a barrel, the lowest intraday price since March 12, 2009. Oil is now on pace for a five-session losing streak and is down nearly 14% in that span.

Click on graph for larger image

This graph shows WTI and Brent spot oil prices from the EIA. (Prices today added).

According to Bloomberg, WTI has fallen 2.8% today to $43.52 per barrel, and Brent to $53.23.

WTI oil prices are off  almost 60% from the peak last year, and there should be further declines in gasoline prices over the next couple of weeks.  Nationally gasoline prices are around $2,42 per gallon, and gasoline futures are down about 4 cents per gallon today.