facebooktwitterRSS
- Advertisement -
  • Most Commentedmost commented up
  • Most Emailedmost emailed up
  • Popularmost popular up
- Advertisement -
 

« News Home

Oil prices rise after year’s biggest drop



Published: Thu, November 8, 2012 @ 4:54 p.m.

Oil prices rise after year’s biggest drop

By The Associated Press

Oil prices rose above $85 per barrel today as postelection volatility continued.

Crude oil rose 65 cents to close at $85.09 on the New York Mercantile Exchange. That followed a decline of 5 percent on Wednesday, when traders were spooked by worries about budget negotiations in the U.S. Analysts also say that oil supplies and production are high, which tends to drive down prices.

Oil analyst Jim Ritterbusch wrote in a note that he expects this week’s price volatility to subside, but there’s still a bias toward new lows. The U.S. has large inventories of oil and production is at 17-year highs, he wrote.

AAA said gasoline prices at the pump rose a fraction of a penny to $3.464 per gallon.

In other trading, Brent crude, which is used to price international varieties of oil, gained 51 cents to $107.33 per barrel in London.

In other futures trading in New York:

— Wholesale gasoline rose 1.84 cents to $2.6073 per gallon.

— Heating oil fell 0.67 cent to $2.9554 per gallon.

— Natural gas rose 3 cents to $3.608 per 1,000 cubic feet. The government said supplies rose less than analysts had expected, but inventories are still 6.6 percent above the five-year average for this time of year.


Comments

Use the comment form below to begin a discussion about this content.


News
Opinion
Entertainment
Sports
Marketplace
Classifieds
Records
Discussions
Community
Help
Forms
Neighbors

HomeTerms of UsePrivacy StatementAdvertiseStaff DirectoryHelp
© 2014 Vindy.com. All rights reserved. A service of The Vindicator.
107 Vindicator Square. Youngstown, OH 44503

Phone Main: 330.747.1471 • Interactive Advertising: 330.740.2955 • Classified Advertising: 330.746.6565
Sponsored Links: Vindy Wheels | Vindy Jobs | Vindy Homes | Pittsburgh International Airport