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Crude oil rebounds to $89
Crude oil prices rebounded to $89 per barrel Thursday in a correction from the previous session”s sharp downturn.
Crude oil dropped nearly $4 on Wednesday after key business indexes showed activity slowing in China”s and Europe”s service sectors.
Thursday morning that looked to be an overreaction, especially after the Energy Information Administration said U.S. inventories were down by 3.6 million barrels in the week.
On the New York Mercantile Exchange, West Texas Intermediate crude oil for November delivery added 98 cents to $89.02 per gallon. Natural gas prices gained 0.04 cents to $3.435 per million British thermal units. Home heating oil added 4.61 cents to $3.1191 per gallon. Reformulated blendstock gasoline gained 8.14 cents to $2.8809 per gallon.
At the pump, the average price for a gallon of regular unleaded gasoline was $3.784 per gallon, up from Wenesday”s $3.782, AAA reported.
Copyright 2012 by United Press International