Retail gas prices rose a bit to a US average of $2.481 per gallon. A gallon of regular gas is 9.1 cents cheaper than last month.(Paul Sakuma/Associated Press
)
Oil prices top $75, first time in a year
Retail gas prices rose a bit to a US average of $2.481 per gallon. A gallon of regular gas is 9.1 cents cheaper than last month.(Paul Sakuma/Associated Press
)
NEW YORK - Oil prices rose above $75 a barrel yesterday for the first time in a year because of a weak dollar and the belief that the holiday shopping season will put more traffic on the roads.
Benchmark crude for November delivery added $1.03 to settle at $75.18 on the New York Mercantile Exchange. The last time crude finished above $75 was exactly one year ago.
Oil prices have wavered mostly between $50 and $70 a barrel since May, with signs of an economic recovery emerging slowly. But a plunge in the dollar convinced many investors to pump money into crude and other commodities as a hedge against inflation. Still, there are scant signs of definitive uptick in demand for fuel, and refiners have been shutting down facilities for that reason.
The dollar slumped to a 14-month low against the euro yesterday.
Some analysts also expect diesel fuel demand to rise soon as US truckers get in gear for the year-end holiday shopping season. But burgeoning oil supplies have weighed on oil prices. Investors will be looking to the latest supply data this week. Oil supplies are expected to grow by another 2.2 million barrels, according to a survey of analysts.
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