Tags: Oil | Prices | dollar | weakens

Oil Bounces Back to End Flat as Dollar Weakens

Tuesday, 16 Apr 2013 04:18 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Oil fell as low as $86 a barrel on Tuesday before recovering and finishing nearly unchanged.

Benchmark crude settled at $88.72 per barrel on the New York Mercantile Exchange, up 1 cent. Crude was down almost 3 percent Monday, part of a broad sell-off in commodities that pushed gold to its biggest one-day drop in 30 years.

Gold and other commodities regained some ground on Tuesday, and the stock market bounced back from its worst daily decline since November.

Meanwhile, the dollar weakened against the euro and the yen. That made oil, which is traded in dollars, more appealing to investors using foreign currency.

Brent crude, which is used to price oil used by many U.S. refiners to make gasoline, fell 72 cents to finish at $99.91 a barrel on the ICE Futures exchange in London. Brent hasn't traded below $100 a barrel since July.

Lower oil prices are making gasoline more affordable. The national average price for a gallon of regular is now $3.52. That's down 17 cents from a month ago and 39 cents lower than at this time last year.

In other futures trading on the Nymex:

— Wholesale gasoline rose 2 cents to end at $2.78 a gallon.

— Heating oil dropped 2 cents to finish at $2.81 a gallon.

— Natural gas rose 2 cents to end at $4.16 per 1,000 cubic feet.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 

You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved