Gasoline’s Strength Helps Oil Recover

- September 20th, 2012

Bloomberg reported that strong gasoline prices in the United States are helping oil bounce back from yesterday’s drop.

Bloomberg reported that strong gasoline prices in the United States are helping oil bounce back from yesterday’s drop.

As quoted in the market news:

Oil for October delivery rose 3 cents to $92.01 a barrel at 1:07 p.m. on the New York Mercantile Exchange after falling to $90.66, the lowest intraday level since Aug. 6. The contract expires today. The more-active November futures decreased 1 cents to $92.29.

Brent oil for November settlement rose $1.20, or 1.1 percent, to $109.39 a barrel on the London-based ICE Futures Europe exchange. The front-month European benchmark grade’s premium to the corresponding West Texas Intermediate contract widened for the first time in six days.

Click here to read the full Bloomberg report.

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