Oil Hits One-Month High Over $99 a Barrel
Oil finished the day Thursday over $99 a barrel on the New York Mercantile Exchange, a one-month high, following a positive economic indicator, Bloomberg reported.
Benchmark crude futures rose 73 cents to finish the day at $99.13 a barrel on the Nymex, the highest closing price since June 14, Bloomberg said. Futures have risen 29% in the past year.
The Philadelphia Federal Reserve’s monthly manufacturing index released Thursday showed a positive reading, following a negative reading in May.
Prices also rose after the International Energy Agency said it will not extend a release of supplies, Bloomberg reported.
Diesel pump prices have risen for two consecutive weeks following a month of declines, gaining 7.3 cents in the past two weeks to an average $3.923 per gallon.
Gasoline has risen 10.8 cents in three straight increases, to $3.682 a gallon, following almost two months of declines, according to Department of Energy records.
