News Column

Oil Prices Charge Higher on Election Day

Nov. 6, 2012
offshore oil rig

Crude oil prices charged higher Tuesday, topping $88 per barrel in a corrective rebound pushed by a slight drop in the dollar.

On Election Day, no major U.S. economic reports were due, but the central bank in Germany said factory orders dropped 4.7 percent in September compared to the same month of 2011.

West Texas Intermediate crude oil for December delivery added $2.68 cents or 3.6 percent Tuesday to $88.33 per barrel on the New York Mercantile Exchange.

Reformulated gasoline added 6.12 cents to $2.6814 a gallon. Home heating oil gained 6.79 cents to hit $2.049 a gallon.

Natural gas added 3.3 cents to reach $3.61 per million British thermal units.

At the pump, the average price for a gallon of regular unleaded gasoline was $3.463, down from Monday's $3.47, AAA reported.

Source: Copyright United Press International 2012

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