Month: September 2015

The last time Labor Day gas prices were this low, George W. Bush was in his first term as president. Prices have been going nowhere but down since June. And according to AAA, the average price of regular gasoline is now $2.40 per gallon — or more than $1 less than it was a year ago. For this weekend, a time when a lot of Americans hop in their cars, prices are at 2004 levels. The decline has been widespread. Average prices are still above $3 in only four states: California and Nevada, as well as Alaska and Hawaii — two states where everything is always more expensive. Of the country’s 130,000 or so gas stations, more than 5% are selling gas for less than $2 a gallon, AAA says. In South Carolina, the statewide average has fallen below $2 in the past week. For a lot of people, […]

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LONDON—Crude oil prices traded lower in Europe Friday, as investors await a key piece of jobs data from the U.S. that could upend the start of a holiday weekend. Analysts say the U.S. nonfarm payrolls are the most significant economic data point before the U.S. Federal Reserve’s meeting in September. A strong number could boost the odds of an increase in interest rates this month, as well as indicating a long-term increase in demand for oil. U.S. jobs data could send oil prices either way, depending on the data’s impact on the U.S. dollar and overall market sentiment, oil traders say. Oil markets have been particularly sensitive to macroeconomic developments in recent weeks. The global oil benchmark, Brent crude, was trading down 0.41% at $50.47 a barrel in morning trade, while the U.S. benchmark was down at 0.81% at $46.37 a barrel. The wait for data, had kept oil […]

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Crude oil prices down modestly at the start of Friday trading after Labor Department figures show retreats in the domestic mining sector. File photo by Roger L. Wollenberg/UPI NEW YORK, Sept. 4 (UPI) — Crude oil prices struggled to get out of the gate in early Friday trading following a slowdown in the U.S. labor market, even as broad-based optimism emerged. The U.S. Labor Department said total non-farm payrolls increased by 173,000 in August, pushing the national average unemployment rate down to 5.1 percent. Healthcare and financial services posted gains, while manufacturing and mining posted net job losses. Manufacturing employment fell in August by 17,000, though the overall sector has been relatively flat for the year. Mining jobs fell by 9,000. "Since reaching a peak in December 2014, mining employment has declined by 90,000," the Labor Department. Crude oil has traded in a volatile market navigating a string of […]

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Pump jacks and pipes are seen on an oil field near Bakersfield on a foggy day, California January 17, 2015. Oil prices eased on Friday as investors turned cautious ahead of U.S. jobs data that is expected to play into the Federal Reserve’s decision on the timing of any U.S. rate hike. Oil stuck to a narrow range and trading was thin with Chinese markets closed a second day for a holiday to commemorate the end of World War Two. "There’s been a little bit of up and down and range-bound movement, which has all the hallmarks of a market marking time," said Ben Le Brun, market analyst at Sydney’s OptionsXpress. Brent crude for October delivery LCOc1 fell 58 cents to $50.10 a barrel as of 0519 GMT, after ending the previous session 18 cents higher. Brent rose as high as $50.87 a barrel earlier in the session on […]

Click here to view full article at www.reuters.com