International oil prices fell Tuesday on disappointing corporate earnings in the U.S. and doubts that European leaders can agree on a plan to resolve that region’s debt crisis.
The price of Brent, which is used to price oil imported into the U.S., fell 53 cents to end the day at $110.92 per barrel.
Meanwhile, gasoline prices in the U.S. fell less than a penny overnight to a new national average of $3.446 a gallon. Gasoline prices have dropped about 50 cents since the spring, and motorists could see them slide another 20 cents before the end of the year. That’s because people drive less in the fall than in the summer, and refineries produce winter fuel blends that are less expensive to make.
“There’s a lot of relief at the pump,” said Patrick DeHaan, a senior petroleum analyst at GasBuddy.com. DeHaan expects pump prices to fall to as low as $3.25 per gallon by the end of the year.