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Oil prices march higher, as gas tops US$3.70
Source: Agencies |
August 15, 2012, Wednesday
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THE price of oil is holding on stubbornly to its recent gains, and that's causing pain at the pump for US drivers.
Benchmark crude rose 70 cents to finish at US$93.43 a barrel yesterday in New York. It's up US$5 a barrel so far this month. Retail gasoline, meanwhile, topped an average of US$3.70 per gallon for the first time since May 19. The national average has climbed by more than 30 cents in the last month and is up about 10 cents from a year ago, according to AAA, Wright Express and the Oil Price Information Service. In all, 39 states are now seeing higher gas prices than at this time last year.
A surprisingly strong July showing from US retailers is a sign that energy demand could be on its way up. The Commerce Department reported yesterday that sales rose last month by the largest amount in five months as Americans spent more on cars, furniture and clothes. The gain, which was better than analysts expected, suggested that the economy was strengthening.
Traders are also looking ahead to Wednesday's oil inventory report from the Department of Energy, which many expect will show that crude stockpiles fell for a third straight week. Still, crude supplies are about 11 percent above year-ago levels, according to Addison Armstrong, director of market research at Tradition Energy.
Brent crude, which is used to price international varieties of oil, rose 43 cents to end at US$114.03 a barrel on the ICE Futures exchange in London. It has gained more than US$8 per barrel this month.
Here's how other commodities futures finished on the New York Mercantile Exchange:
- Wholesale gasoline rose 1.07 cents to US$3.0014 a gallon.
- Heating oil rose 1.63 cents to US$3.0346 a gallon.
- Natural gas gained 10.5 cents to US$2.8340 per 1,000 cubic feet.
Benchmark crude rose 70 cents to finish at US$93.43 a barrel yesterday in New York. It's up US$5 a barrel so far this month. Retail gasoline, meanwhile, topped an average of US$3.70 per gallon for the first time since May 19. The national average has climbed by more than 30 cents in the last month and is up about 10 cents from a year ago, according to AAA, Wright Express and the Oil Price Information Service. In all, 39 states are now seeing higher gas prices than at this time last year.
A surprisingly strong July showing from US retailers is a sign that energy demand could be on its way up. The Commerce Department reported yesterday that sales rose last month by the largest amount in five months as Americans spent more on cars, furniture and clothes. The gain, which was better than analysts expected, suggested that the economy was strengthening.
Traders are also looking ahead to Wednesday's oil inventory report from the Department of Energy, which many expect will show that crude stockpiles fell for a third straight week. Still, crude supplies are about 11 percent above year-ago levels, according to Addison Armstrong, director of market research at Tradition Energy.
Brent crude, which is used to price international varieties of oil, rose 43 cents to end at US$114.03 a barrel on the ICE Futures exchange in London. It has gained more than US$8 per barrel this month.
Here's how other commodities futures finished on the New York Mercantile Exchange:
- Wholesale gasoline rose 1.07 cents to US$3.0014 a gallon.
- Heating oil rose 1.63 cents to US$3.0346 a gallon.
- Natural gas gained 10.5 cents to US$2.8340 per 1,000 cubic feet.
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