Oil Prices Rebound After Recent Steep Losses
Oil prices have rebounded slightly today after recent steep losses. Yesterday, the latest weekly report from the Energy Information Administration (EIA) showed that gasoline demand over the four weeks ending July 18th was 2.4% lower than a year ago. This data offered further evidence that Americans are cutting back on fuel because of high prices, which drove down the price of oil nearly $4. The economic slowdown and the demand destruction that is occurring in the US, the world's biggest energy consumer, has driven the price of oil down over $20 from its peak in recent weeks. Other factors have…