Energy Communications Council

Heating Oil News

Back to News

Oil prices fall after US says oil supplies rose last week; average gas price now at $3.86

September 12, 2012 The price of oil is falling after the government said U.S. supplies of oil rose last week.

Benchmark oil fell 11 cents Wednesday to $97.06 per barrel in New York.

The supply report erased gains seen after a German court cleared a path for Europe to create a fund to bail out financially troubled countries. Thatís one of several strategies Europe is pursuing to resolve its debt crisis.

Traders also are waiting to see if the Federal Reserve will offer more help for the U.S. economy. Previous Fed stimulus efforts have encouraged investors to buy riskier assets such as oil.

Brent crude increased 43 cents to $115.20 per barrel in London.

At the pump, AAA says the national average price for gasoline rose 1.5 cents overnight to $3.858 per gallon.


Click here for more information

National Oilheat Research Alliance ECC is funded in part through the National Oilheat Research Alliance.