Oil prices on the rise again – Navtej Kohli

If you want to know the latest news in oil sector and also wish to keep track of the wavering oil prices, Navtej Kohli wordpress blog is your one stop destination.

After two days of decline, prices jump $6 in early trading. Refiners have resisted buying more oil during the latest price run-up, leading to an unexpectedly large drop in U.S. supplies.

Oil prices jumped more than $6 in early trading today after the government reported an unexpectedly large drop in crude stocks over the last week.

Traders reacted quickly, sending the cost of light, sweet crude for July delivery as high as $138.30 a barrel, reversing course in dramatic fashion after two days of retreat. The oil contract backed off to settle at $136.42, up $5.11 on the New York Mercantile Exchange, short of Friday’s record close of $138.54.

That means more pain for drivers, who have been hit with a steady string of fresh price records for gasoline and diesel at the pump.

The average cost of self-serve regular gasoline rose today to $4.052 a gallon nationwide and $4.496 in California, according to AAA’s daily price survey. The average cost of diesel increased to $4.792 a gallon nationwide, and to $5.128 a gallon in California.

~ by navtejkohli on June 13, 2008.