In The News

Oil prices down

Oil prices were down with crude trading at around $81 a barrel in New York. That’s down from more than $87 a barrel two weeks ago.

Analysts say the drop is partly driven by a drop in the stock market that was prompted by the government’s investigation of investment giant Goldman Sachs.

Another reason cited for the drop is the volcanic eruption in Iceland. Flight restrictions because of volcanic ash have cut jet fuel consumption by about 1 million barrels a day, or slightly more than 1 percent of total world oil demand, according to The Wall Street Journal .

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