Oil falls, gasoline prices spike
Friday, 12 September 2008
NEW YORK, SEPT 11 (AP): Gasoline prices jumped to unprecedented levels in the wholesale markets Thursday as Hurricane Ike tore across the Gulf of Mexico, threatening to strike Texas and its refineries. But despite the growing worries about Ike, funds continued to liquidate their investments in crude, anticipating a slower global economy and a stronger US dollar.
Light, sweet crude for October delivery fell $1.62 cents to $100.96 a barrel on the New York Mercantile Exchange, after dropping as low as $100.85 a barrel in electronic trading. The contract fell 68 cents on Wednesday to settle at $102.58 - the lowest close since April 1.
The wholesale price of gasoline ranged from $4 to nearly $5 a gallon at the U.S. Gulf Coast on Thursday.
Light, sweet crude for October delivery fell $1.62 cents to $100.96 a barrel on the New York Mercantile Exchange, after dropping as low as $100.85 a barrel in electronic trading. The contract fell 68 cents on Wednesday to settle at $102.58 - the lowest close since April 1.
The wholesale price of gasoline ranged from $4 to nearly $5 a gallon at the U.S. Gulf Coast on Thursday.