Oil Holds Below $90 a Barrel
Oil held below $90 a barrel for a second trading day Monday, its lowest in a week, as concerns about Egyptian unrest eased and U.S. gasoline supplies rose, Bloomberg reported.
Benchmark light sweet crude futures were trading near $89 a barrel in early New York Mercantile Exchange trading, after slipping below $90 Friday for the first time last week.
Oil had closed last Monday at $92.19 a barrel — the highest since October 2008 — largely on concerns over Egyptian unrest and the key supply oil tanker gateway through the Suez Canal, Bloomberg said.
Diesel has risen for nine straight weeks and gasoline rose for eight straight until a slight drop last week.
The Department of Energy will release its weekly survey of diesel and gasoline pump prices Monday afternoon in Washington.
