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Oil rises ahead of US election
Source: Agencies |
November 6, 2012, Tuesday
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Online Edition
Online Edition
THE price of oil rose as investors await the result of today's US presidential election.
Benchmark oil rose 79 cents to US$85.65 a barrel on the New York Mercantile Exchange. Brent crude, which is used to price international varieties of oil, rose US$2.05, or 1.9 percent, to US$107.73 a barrel on the ICE Futures exchange in London.
AAA said the national average price for gasoline has dropped 7 cents in the past week to US$3.47 per gallon (91 cents per liter). But gas prices have risen in New York and New Jersey, where the energy infrastructure was battered by Superstorm Sandy. It remains to be seen how much demand for oil and refined products has dropped overall in the storm-stricken region
In other trading in New York:
- Wholesale gasoline rose 4.7 cents to US$2.62 per gallon;
- Heating oil rose 3.6 cents to US$2.98 per gallon;
- Natural gas was unchanged at US$3.55 per 1,000 cubic feet.
Benchmark oil rose 79 cents to US$85.65 a barrel on the New York Mercantile Exchange. Brent crude, which is used to price international varieties of oil, rose US$2.05, or 1.9 percent, to US$107.73 a barrel on the ICE Futures exchange in London.
AAA said the national average price for gasoline has dropped 7 cents in the past week to US$3.47 per gallon (91 cents per liter). But gas prices have risen in New York and New Jersey, where the energy infrastructure was battered by Superstorm Sandy. It remains to be seen how much demand for oil and refined products has dropped overall in the storm-stricken region
In other trading in New York:
- Wholesale gasoline rose 4.7 cents to US$2.62 per gallon;
- Heating oil rose 3.6 cents to US$2.98 per gallon;
- Natural gas was unchanged at US$3.55 per 1,000 cubic feet.
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