Oil, Gasoline Prices Continue Downward Trend

New York, NY, June 23, 2011 -- Oil prices fell after Federal Reserve Chairman Ben Bernanke warned that the U.S. economy is weaker than previously thought.

Also, the International Energy Agency said it was releasing 60 million barrels of oil to make up for a loss of Libyan exports.

Benchmark West Texas Intermediate for August delivery lost $3.86 to $91.55 per barrel on the New York Mercantile Exchange. Brent crude, which is used to price many international varieties, lost $5.16 to $109.05 per barrel on the ICE Futures Exchange.

Also, retail gasoline prices in the U.S. dropped for the 20th consecutive day to $3.612 per gallon.