Current Oil Prices Stay Unchanged
A surge in the latter parts of the day left current oil prices basically unchanged, reversing losses of over two percent.
During early trading, weaker crude demand was the focus. Traders appeared to slowly warm to some good news on the U.S. economy as the day progressed. Moreover, higher stock prices in the United States may have been a factor in the purchasing of oil.
According to the Commerce Department, retail sales increased 1.1 percent in September. That follows an increase of 1.2 percent in the month of August. The increases were the biggest single-month gain in two years, driven by car sales and the iPhone5′s release.
Both the Dow Jones and the S&P 500 moved up by almost 0.7 percent.
On the NYMEX, the current oil price posted a drop of one cent, to $91.85 per barrel. In London, the crude price per barrel of Brent rose 79 cents to $114.40.
Gasoline prices dropped by over 2 cents during the weekend for a national average of $3.787 a gallon, according to the Wright Express, OPIS and AAA. That rate is higher compared to last month’s average of $3.867 per gallon.
OPIS’ chief oil analyst, Mr. Tom Kloza, said that several markets all over the United States are witnessing the lowest wholesale gasoline prices since the middle of July. This development can bring relief to some cities that are currently seeing persistently high prices at the pump.
New York’s wholesale gasoline prices shed 4.25 cents to $2.85 per gallon.
Elsewhere in the energy markets, the price of natural gas shed 12.5 cents to $3.486 per thousand cubic feet. Meanwhile, the cost of heating oil moved 1.5 cents lower to $3.209 per gallon.