As of Thursday, March 1, 2012
© Copyright 2013
Gwinnett Daily Post
Indications that the U.S. economy is getting stronger helped push benchmark crude up 70 cents to $107.77 per barrel in New York on Thursday.
Gas pump prices continued a five-week rise to a national average of $3.74 per gallon. That's up 37 cents per gallon, or 11 percent, since late January.
Economic data released Thursday showed applications for unemployment hit a four-year low, spending on residential construction rose and major retailers reported stronger-than-expected sales for February.
Oil prices have risen 9 percent this year because global demand is high and there is concern that tension with Iran over its nuclear program could lead to supply disruptions.
U.S. oil demand has been falling, but the slide in demand could slow or reverse if the economy picks up.
More like this story
- Oil prices rise after US supply report ( February 8, 2012 )
- Oil prices fall after 7-day surge ( February 27, 2012 )
- Gas prices fall as travel grows ( November 23, 2009 )
- Crude oil stalls in march toward $100 after report says inventories fell less than expected ( November 8, 2007 )
- Gas prices unlikely to fall as fast as oil ( September 26, 2012 )
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