Oil stocks are climbing globally, which is sending oil and gasoline prices lower. One factor behind rise in oil stocks: a resurgent Iraq.
Oil futures drop below $98 a barrel. Gasoline futures decline even more. Oil futures now down 15 percent this month.
Commodities like oil, gold, and copper all fell this week. Silver led the plunge in commodities with a 28 percent decline.
Oil prices drop in Europe and US in wake of concerns Japanese demand will drop. West Texas oil prices hover around $100.
Ministers of the Organization of Petroleum Exporting Countries meet Tuesday in Vienna and may unofficially ease back on production levels that are above OPEC quotas.