Oil Rises from Three-Week Low
Oil rose in early trading Monday after finishing Friday at a three-week low near $88 a barrel, Bloomberg reported.
Benchmark light sweet crude futures rose to $88.59 a barrel on the New York Mercantile Exchange, up from Friday’s $88.03 closing price that had been the highest since Dec. 17.
The early gains Monday were due in part to a temporary shutdown of the Trans-Alaska pipeline that carried 15% of U.S. output, Bloomberg reported.
Diesel and gasoline prices have risen in tandem with higher oil prices in the past month to repeated 26-month highs, with diesel last week topping $3.33 a gallon and gas climbing past a $3 national average.
The Department of Energy will release its weekly survey of diesel and gas prices Monday afternoon in Washington.
