Oil ends above USD 80 a barrel
Oil ends above USD 80 a barrel Oil futures ended higher on Wednesday (September 26), closing above USD 80 a barrel, after a late rally. The rally was led by investors who saw an early price dip as a buying opportunity. The rally continued despite a government report that crude oil and gasoline inventories grew unexpectedly last week while refinery activity fell more than expected. The move has reversed a three-day retreat from record prices suggesting the correction in a bull run. Light, sweet crude for November delivery rose 77 cents, to settle at USD 80.30 a barrel on the NYMEX. October gasoline fell 1.05 cent s, to settle at USD 2.0274 a gallon on the NYMEX bouncing back from losses of more than 4 cents. October natural gas futures rose 6.3 cents, to settle at USD 6.423 per 1,000 cubic feet. In London, November Brent crude fell 19 cents, to settle at USD 77.43 a barrel on the ICE Futures exchange. Retail prices at the pump, for a gallon of gas rose 0.2 cents, overnight to USD 2.813.
October heating oil futures rose 0.13 cent, to settle at USD 2.1826 a gallon, reversing an earlier loss of more than 3 cents.
