Oil prices dipped to a seven-month low last week following new reports from the U.S. government showed a lesser than expected weekly decline in domestic supply and production and a rise in overall crude production and gasoline stockpiles.

Seven-Month Low

Most crude oil prices lost around 4% last week.  Last week, the July West Texas Intermediate crude on the New York Mercantile Exchange sank by 3.7% or around $1.73 before closing at $44.73 per barrel which was the lowest market close since November 14 based on data from the Dow Jones Industrial Average.