Oil Finishes Week Over $91 a Barrel

Oil finished the week over $91 a barrel, up more than $3 from last Friday, Bloomberg reported.

Benchmark light sweet crude futures finished the day Friday at $91.54 a barrel, up 14 cents from Thursday on the Mercantile Exchange.

The increased price this week was due in part to U.S. economic data showing stronger factory output and continuing worldwide demand, Bloomberg said,Image via Wikipedia

Diesel and gasoline have both risen for the past six weeks in the Department of Energy’s weekly price surveys, with diesel topping $3.33 and gasoline near $3.09 per gallon.

DOE’s next survey will be released Tuesday afternoon in Washington due to the federal holiday Monday.
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From: Transport Topics

Oil Slips After Topping $90 a Barrel

Oil declined Wednesday a day after topping $90 a barrel, following a Department of Energy report that showed higher gasoline and diesel inventories, Bloomberg reported.Image via Wikipedia

Crude futures fell more than $1 to below $88 a barrel on the New York Mercantile Exchange, after topping $90 in intraday trading on Tuesday, the highest level since October 2008.

Tuesday’s $88.69 per-barrel Nymex closing price was the highest since October 2008, when oil was falling from its record high levels of that summer.

Gasoline inventories rose 3.8 million barrels for the week ended Saturday, DOE reported in its weekly survey. That was in contrast to the 300,000-barrel decline forecast by economists, Bloomberg reported.
Distillates, which include diesel and heating oil, rose 2.15 million barrels, in contrast to the 900,000-barrel decline forecast, Bloomberg said.

Oil supplies fell by 3.8 million barrels, more than the 1.4 million-barrel drop predicted, Bloomberg reported.
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Gasoline and Fuel prices dropping...one can only hope!

Gasoline, Diesel Prices Drop

from Transport Topics Online
May 24,2010

Article summation: The Department of Energy says gas prices are dropping.

Key Quote from article: 

"The average price for a gallon of gasoline fell 7.8 cents to $2.786, DOE said in its weekly report. That is 35 cents lower than a year earlier."

link to article