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U.S. gas prices fall below $4 for the first time since July
US petrol prices have fallen below $4 a gallon for the first time since July, offering drivers some relief. The decline follows lower crude oil prices and easing concerns about supply from the Persian Gulf.
The drop may also reflect the usual seasonal pattern, Bespoke Investment Group said, as petrol prices commonly fall at this time of year. Brent crude briefly slipped below $90 a barrel on Tuesday for the first time since August, after comments by President Donald Trump raised hopes of an end to the nearly nine-month US conflict with Iran. Persian Gulf crude exports, including pipeline shipments, have recovered to an estimated 80% to 85% of prewar levels, according to ING.
In short
- US petrol prices have dipped below $4 a gallon for the first time since July.
- Lower crude prices and recovering Gulf exports have eased pressure.
- Seasonal price declines have also contributed to the relief.