Crude oil rebounds to $89

Share This

Recent News Articles

Local Guides

Crude oil rebounds to $89

Posted on Oct 4, 2012 in Business | 0 comments


With his keys dangling, a driver watches the pump as his car is filled at a lower priced gas station in Denver on April 15, 2011. Gas and food price increases will affect the nation's economic growth in the coming months. Consumers paid an average price of $3.78 a gallon nationwide on Thursay according to the travel group AAA. UPI/Gary C. Caskey

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