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prices on oil were below their early-May peak by 39 cents, they were higher by 87 cents than that of the previous year. Mid-Atlantic's Fuel Price Finder shows that gas prices increased by nine cents a gallon over the past week and lingered between $3.50 to $3.60 Crude oil price did not shoot up suddenly but showed an arrow going upwards steadily touching 10 percent of raise recovering a drop in late-June which was a result of the announcement that US and other countries will release 60 million crude oil barrels into world market to help lower its prices. Crude oil prices also increased and touched $98 a barrel as the U.S. created around 157,000 jobs in June and the retails sales went much stronger than projected solidifying the hopes of economic recovery. On the international horizons, to control inflation China raised the rate of interest for the third time this year in the hope that an increased rate of interest on crude oil would pace down the economic growth and the demand for oil. At the end of the week, the rate of crude oil settled at $96.20 showing the increase of 1.33 percent which was a second weekly gain. The data of weekly report of the U.S. Energy Information Administration (EIA) revealed the fall of crude stocks from 900,000 barrels to 358.6 million barrels. A drop in gasoline stock marked 600,000 barrels to 212.5 million barrels. Gasoline demand lost its grace showing 9.309 million barrels per day (bpd) in a comparison with 140,000 barrels per day, the same week of last year. Jana L. Tidwell, public affairs Specialist for AAA Mid-Atlantic said that higher crude oil prices which were in response to an improved economic data, resulted in the slow increase of prices at the pump this week after eight weeks of declines. But, she also added that the analysts say that was not the return of $4.00 a gallon gasoline, but they foresee the nationwide gas prices settling between $3.25 and $3.75 through July and August. Taking into consideration the destructions caused by the Hurricanes Katrina and Rita in 2005, especially along the Gulf Coast, the hurricane season is the biggest short-term threat for the crude oil market. The hurricane season could play a pivotal role or would be a deciding factor of the buying and selling transactions of crude oil in the close future. According to the National Oceanic and Atmospheric Administration (NOAA), more storms and are expected during this season of Atlantic hurricane than an average. Kyles Humphrey is an experienced columnist in oil related fields, who periodically writes articles related to oil prices & indexes and crude oil including tips on investment in oil. Please visit oil.com for more details. ">Since last eight weeks, for the first time the gas prices have increased because of raise in crude oil prices. The national average price of regular grade gasoline rose by four cents than that of the last week, settling at $3.59 on Friday. Though the prices on oil were below their early-May peak by 39 cents, they were higher by 87 cents than that of the previous year. Mid-Atlantic's Fuel Price Finder shows that gas prices increased by nine cents a gallon over the past week and lingered between $3.50 to $3.60 Crude oil price did not shoot up suddenly but showed an arrow going upwards steadily touching 10 percent of raise recovering a drop in late-June which was a result of the announcement that US and other countries will release 60 million crude oil barrels into world market to help lower its prices. Crude oil prices also increased and touched $98 a barrel as the U.S. created around 157,000 jobs in June and the retails sales went much stronger than projected solidifying the hopes of economic recovery. On the international horizons, to control inflation China raised the rate of interest for the third time this year in the hope that an increased rate of interest on crude oil would pace down the economic growth and the demand for oil. At the end of the week, the rate of crude oil settled at $96.20 showing the increase of 1.33 percent which was a second weekly gain. The data of weekly report of the U.S. Energy Information Administration (EIA) revealed the fall of crude stocks from 900,000 barrels to 358.6 million barrels. A drop in gasoline stock marked 600,000 barrels to 212.5 million barrels. Gasoline demand lost its grace showing 9.309 million barrels per day (bpd) in a comparison with 140,000 barrels per day, the same week of last year. Jana L. Tidwell, public affairs Specialist for AAA Mid-Atlantic said that higher crude oil prices which were in response to an improved economic data, resulted in the slow increase of prices at the pump this week after eight weeks of declines. But, she also added that the analysts say that was not the return of $4.00 a gallon gasoline, but they foresee the nationwide gas prices settling between $3.25 and $3.75 through July and August. Taking into consideration the destructions caused by the Hurricanes Katrina and Rita in 2005, especially along the Gulf Coast, the hurricane season is the biggest short-term threat for the crude oil market. The hurricane season could play a pivotal role or would be a deciding factor of the buying and selling transactions of crude oil in the close future. According to the National Oceanic and Atmospheric Administration (NOAA), more storms and are expected during this season of Atlantic hurricane than an average. Kyles Humphrey is an experienced columnist in oil related fields, who periodically writes articles related to oil prices & indexes and crude oil including tips on investment in oil. Please visit oil.com for more details.
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