News Column

Crude Oil Holds Near $85

Nov. 5, 2012
oil pump

Crude oil prices remained depressed over the weekend, climbing off of a recent low under $85 per barrel.

Prices were set back Friday after a Labor Department report that said the U.S. unemployment rate rose in October.

The employment report was decidedly a mixed message, with the unemployment rate rising in a month that posted the highest number of private, non-farm jobs added to the economy in eight months. But it still did not add up to a strong recovery and oil prices slipped on the expectation that demand would not make up for recent estimations of an overly full world supply.

West Texas Intermediate crude oil for December delivery added 49 cents Monday morning to $85.35 per barrel on the New York Mercantile Exchange.

Reformulated gasoline added 1.61 cents to $2.5897 a gallon. Home heating oil gained 1.17 cents to hit $2.9591 a gallon.

Natural gas added 2.5 cents to reach $3.579 per million British thermal units.

At the pump, the average price for a gallon of regular unleaded gasoline was $3.47, down from Thursday's $3.575, AAA reported.



Source: Copyright United Press International 2012


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