68°
Baton Rouge, Louisiana
3 Day Outlook
Mon
82°
63°
50%
Tue
84°
62°
0%
Wed
85°
65°
20%

Latest Weather Blog

Follow our weather team on social media

Ample supplies push oil down 1 pct

2 years ago October 18, 2012 Oct 18, 2012 Thursday, October 18 2012 Thursday, October 18, 2012 8:19:58 AM EDT in News
Source: Associated Press

NEW YORK - The price of oil is falling on expectations that China is less likely to roll out a stimulus program for its improving economy.

U.S. benchmark oil fell 94 cents, or 1 percent, to $91.18 a barrel in morning trading. Brent crude, which many U.S. refiners use to make gasoline, fell $1.42, or 1.3 percent, to $111.80 in London.

The slide in China's growth rate slowed in the third quarter, data showed Thursday. That lowered expectations that the Chinese government will introduce new measures to stimulate the economy and boost demand for oil.

Also, U.S. oil and gasoline supplies are much higher than expected.

Retail gasoline prices continued a recent slide, though they remain at record high for this time of year. The national average retail price is $3.74 per gallon.

More News

comments powered by Disqus

Desktop News

Click to open Continuous News in a sidebar that updates in real-time.
5 Days
Radar
Today
68°
59°
Mon
PM T-Storms
82°
63°
Tue
Mostly Sunny
84°
62°
Wed
Partly Cloudy
85°
65°
Thu
Partly Cloudy
87°
66°