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Oil jumps after stocks cut into big losses
Monday - 6/24/2013, 8:48pm EDT
The Associated Press
The price of oil had a sudden burst Monday after the stock market tried to put the brakes on a four-day skid.
Benchmark oil for August delivery rose $1.49 to close at $95.18 a barrel on the New York Mercantile Exchange. Oil sank by $4.55 a barrel, or 4.7 percent, on Thursday and Friday after the Federal Reserve spooked investors by signaling the end of a bond-buying program that has boosted the economy.
Oil fell initially Monday because of growing worries that China's decision to clamp down on informal lending could hamper growth in a major energy consuming country. Oil dropped as low as $92.67 a barrel.
Once stocks clawed back from their lowest levels of the day, oil moved higher, gaining nearly $2 a barrel in two hours. The Dow Jones industrial average fell nearly 250 points in the first half-hour of trading Monday, then finished with a loss of 140 points.
There is better news at the gas pump, where many U.S. drivers are paying less to fill up. The national average for a gallon of gas dropped 4 cents in the past week to $3.57. States where prices had spiked because of refinery outages realized significant relief. The average price in Indiana, Michigan, Ohio and Wisconsin fell more than 20 cents a gallon compared with the previous Monday.
Prices are going the other way in California. The average price rose to $4.07 a gallon from $3.98 a week ago.
Brent crude, which is used to price oil used by many U.S. refineries to make gasoline, rose 25 cents to finish at $101.16 a barrel.
In other energy futures trading on the Nymex:
-- Wholesale gasoline lost 2 cents to end at $2.74 a gallon.
-- Heating oil rose 1 cent to finish at $2.85 per gallon.
-- Natural gas slipped 3 cents to finish at $3.74 per 1,000 cubic feet.
Pablo Gorondi in Budapest and Pamela Sampson in Bangkok contributed to this report.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.