Oil Prices Crash On Weak Demand

Oil prices crashed at the start of the week, with fears about global oil demand and a weak stock market being the main catalysts. Chart of the Week-    U.S. gasoline prices over Labor Day weekend averaged $2.22 per gallon nationwide, the lowest price for this time of year since 2004.-    Gasoline consumption fell to 5.85 mb/d in April 2020 but rebounded to 90 percent of year-ago levels by the end of June. -    However, demand has plateaued since then. Gasoline demand remains 9 percent below the…