Oil hits lowest price in a year

Oil prices in the U.S. have hit a low not seen in nearly a year.

COLUMBIA, S.C. (WOLO)—Oil prices in the U.S. have hit a low not seen in nearly a year.

Futures for West Texas Intermediate Crude Oil, which is the North American benchmark, fell just over 3% on Monday.

Meanwhile futures for the global benchmark Brent Crude had a similar drop, sending oil prices down to $81 per barrel. That’s the lowest it’s been since January.

Analysts say fears about Covid-19 restrictions and lock down protests in China have caused a dent in demand, leading to lower gas prices in the U.S.

According to the AAA, the national average cost of a gallon of gas is now $3.55. That’s down more than 5% from last month.