Oil Drops To Lowest Of 2012May 7th, 2012 1:06 pm Associated Press
“There’s just much more uncertainty in Europe right now,” Schork said. “And that’s scaring off some capital” from commodities markets.
Brent crude, which helps set the price of oil imported into the U.S., lost 48 cents to $112.70 per barrel in London.
In the U.S., retail gasoline fell 2.5 cents over the weekend to a national average of $3.777 per gallon on Monday, according to AAA, Wright Express and Oil Price Information Service. A gallon of regular has dropped by nearly 16 cents since peaking in early April at $3.936. It’s 20 cents cheaper than the same time last year.
In other futures trading, natural gas rose 4.8 cents, or 2 percent, to $2.327 per 1,000 cubic feet. The futures price has jumped by nearly 20 percent since hitting a 10-year low on April 19. Natural gas prices are climbing as temperatures rise in the West, increasing the use of air conditioners and boosting electricity demand.
Heating oil futures gave up 2.88 cents to $2.98 per gallon and gasoline futures lost 1.02 cents to $2.9656 per gallon.
Copyright 2012 The Associated Press.