Oil Has 1st Weekly Decline Since Mid-June

NEW YORK (AP) -- The oil market cooled off this week following some lofty gains.

Oil fell 79 cents to close at $104.70 Friday in New York. For the week, the price of oil fell $3.35, or 3.1 percent, the first weekly decline since mid-June.

Drivers saw a bit of relief. The average price of gasoline fell 2 cents over the past week to $3.65 a gallon. That's still 11 cents higher than a month ago.

China, a major energy consumer, played a big role in this week's decline in the price of oil. Traders were concerned over the country's decision to press ahead with painful economic restructuring and forgo another round of stimulus even though growth has slowed.

Oil is still up $11, or 12 percent, since June 21, when it fell to $93.69. It broke above $100 on July 3 for the first time since May 2012 and peaked at slightly more than $109 on July 19. The rise was mostly due to falling U.S. crude stockpiles and increased interest from financial investors.

Oil's rise pushed up pump prices. Starting on July 8, the average price for a gallon of gas rose for 11 straight days, going from $3.47 to $3.67, before leveling off. At $3.65, the price is still 16 cents more expensive than at this time last year.

According to the price-search website, four states have average prices above $4 a gallon: Hawaii, Alaska, Connecticut and California. At this time last year, only Hawaii topped $4.

At the low end, six states have average prices below $3.50: Virginia, Arkansas, Tennessee, Mississippi, Alabama and South Carolina, the lowest in the nation at $3.33.

In London, Brent crude, which is traded on the ICE Futures exchange, fell 48 cents to $107.17 a barrel.

In other trading on the Nymex:

  • Wholesale gasoline rose 3 cents to $3.04 a gallon.
  • Heating oil fell 3 cents to $3.01 a gallon.
  • Natural gas shed 9 cents to $3.56 per 1,000 cubic feet.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2561956, ~/Articles/ArticleHandler.aspx, 9/30/2016 4:24:40 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,308.15 164.70 0.91%
S&P 500 2,168.27 17.14 0.80%
NASD 5,312.00 42.85 0.81%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes