Crude oil dropped again on Monday amid demand worries with stock markets in the red. The drop took prices towards the $50 per barrel mark again.
Light sweet crude for May delivery fell to $51.06, down $1.45 for the session. Prices touched as low as $50.30 in the opening moments of the session.
Prices have dropped in three of the four sessions so far in the month of April. Experts are now questioning whether oil can remain above the $50 mark on a consistent basis.
Traders looked ahead to the Energy Information Administration's weekly inventory report. Last week's data showed crude oil inventories increased 2.8 million barrels from the previous week. Experts were looking for a build of about 3 million barrels. Total motor gasoline inventories increased 2.2 million barrels last week. A drop of about 1.5 million barrels was expected
Light sweet crude oil for May delivery finished Friday at $52.46 per barrel, down 18 cents for the day. Prices had touched as low as $51.02 earlier in the day.
At the pump, gasoline prices slipped slightly across the U.S. According to AAA, a regular unleaded gallon of gasoline averaged $2.039, down slightly from the day before. Prices are above the month-ago level of $1.946 but well-ahead of the year-ago mark of $3.324.
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