Oil Spikes Above $70 a Barrel
Oil futures spiked above $70 a barrel on Thursday for the first time since Sept. 1 on a government report that showed gasoline inventories dropped unexpectedly as the summer driving season neared its peak.
Retail gasoline prices, meanwhile, broke a monthlong decline and held steady overnight at a national average price of $2.975 a gallon, according to AAA and the Oil Price Information Service. Gas prices had been falling steadily since their May 24 peak of $3.227 a gallon.
Analysts warned that pump prices could start rising again if there's an imbalance between demand and supply.
Retail gasoline prices, meanwhile, broke a monthlong decline and held steady overnight at a national average price of $2.975 a gallon, according to AAA and the Oil Price Information Service. Gas prices had been falling steadily since their May 24 peak of $3.227 a gallon.
Analysts warned that pump prices could start rising again if there's an imbalance between demand and supply.
posted by Stock Administrator @ 4:39 PM
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