US Gasoline Prices Fall To Lowest Since May, Brent Below $100

US gasoline prices fell Wednesday to their lowest since May, as recession fears create downward pressure on the oil demand outlook and push crude prices lower.

The national average stood at $4.779 per gallon (3.785 liters) for regular gasoline, slightly down from $4.800 the previous day, $4.868 a week ago and $4.865 a month ago, according to the figures from the American Automobile Association.

The national price posted its lowest since the week ending May 30 when it averaged $4.624, according to US Energy Information Administration data.

The latest price, however, is still up 52.5% from $4.779 a year ago.

The highest price was recorded in the state of California at $6.217, followed by Hawaii with $5.616 and Alaska at $5.543.

Global oil benchmark Brent crude fell below $100 per barrel on Wednesday for the first time since April 25, sinking to as low as $98.59 during the day -- its lowest since April 11.

American crude oil benchmark West Texas Intermediate sank to $95.17, marking its lowest since April 12.

Both benchmarks plummeted more than 8% Tuesday, as recession risks pose a negative effect on the outlook for global oil demand. -