Like The Herald Business Journal on Facebook!
The Herald of Everett, Washington
Heraldnet.com

The top local business stories in your email

Contact Us:

Josh O'Connor
Publisher
Phone: 425-339-3007
joconnor@heraldnet.com

Jody Knoblich
General Sales Manager
Phone: 425-339-3445
Fax: 425-339-3049
jknoblich@heraldnet.com

Jim Davis
Editor
Phone: 425-339-3097
jdavis@heraldnet.com

Site address:
1800 41st Street, S-300,
Everett, WA 98203

Mailing address:
P.O. Box 930
Everett, WA 98206

HBJ RSS feeds

Oil rises above $94; gasoline drops to $3.58

SHARE: facebook Twitter icon Linkedin icon Google+ icon Email icon |  PRINTER-FRIENDLY  |  COMMENTS
Associated Press
Published:
Oil rose above $94 a barrel as crude recoups some of last week's sharp decline.
Meanwhile, the national average for gasoline dropped again, good news for motorists with summer driving season less than two months away.
By Tuesday afternoon in New York, benchmark oil for May delivery was up 98 cents to $94.34 a barrel. The contract rose 66 cents to finish at $93.36 a barrel Monday. That followed a decline of $4.53, or 4.7 percent, last week.
Oil moved higher late in the morning, as U.S. stocks rose and the dollar fell. The euro rose to $1.3089 against the dollar, compared with $1.3007 Monday. A weaker dollar makes crude less expensive and more attractive to traders using other currencies.
At the pump, the average price for a gallon of gasoline dropped a penny to $3.58. That is 35 cents cheaper than at this time last year, when the price was $3.93.
Oil investors are waiting for fresh information on U.S. stockpiles of crude and refined products.
Data for the week ending April 5 is expected to show an increase of 1.4 million barrels in crude oil stockpiles and a draw of 1.8 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
The American Petroleum Institute will release its report on oil stocks later Tuesday, while the report from the Energy Department's Energy Information Administration -- the market benchmark -- will be out on Wednesday.
Brent crude, which sets the price of oil used by many U.S. refineries to make gasoline, was up 86 cents to $105.63 per barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
-- Wholesale gasoline rose 2 cents to $2.93 per gallon.
-- Natural gas fell 5 cents to $4.04 per 1,000 cubic feet.
-- Heating oil was flat at $2.95 per gallon.
------
Pamela Sampson in Bangkok and Pablo Gorondi in Budapest contributed to this report.

MORE HBJ HEADLINES

CALENDAR

Share your comments: Log in using your HeraldNet account or your Facebook, Twitter or Disqus profile. Comments that violate the rules are subject to removal. Please see our terms of use. Please note that you must verify your email address for your comments to appear.

You are logged in using your HeraldNet ID. Click here to update your profile. | Log out.

Our new comment system is not supported in IE 7. Please upgrade your browser here.

comments powered by Disqus