Last update: 06-Dec-2013 4:49 am
Friday, December 06, 2013
Trinidad & Tobago Guardian Online
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Brent at US$108, natgas US$3.68
NEW YORK— Gasoline rose to the highest price in five weeks in the US yesterday, as the recent spike in oil continues to filter down to the consumer level. The average price for a gallon of gas rose 2 cents overnight to US$3.635 (96 cents a litre), the highest since June 10. That's 15 cents a gallon more expensive than a week ago and 24 cents more than American drivers were paying at this time last year.
Oil is up about ten per cent so far this month. It has been jolted higher by unexpectedly sharp drops in US crude and gasoline inventories, which suggest stronger demand. The military ouster in early July of Egypt’s president has also added a premium to crude, reflecting the risk of supply disruptions from political instability in a country that controls the Suez Canal.
Yesterday the price of oil moved lower along with US stock markets. Benchmark crude for August delivery fell 32 cents to finish at US$106 a barrel on the New York Mercantile Exchange.
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