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Sep 03 2008

Oil rises after inventory report

Posted by: in News

Source: money.cnn.com

…
Gasoline demand: The government’s inventory report reinforced a weekly survey released Tuesday from MasterCard Advisors that showed demand for gasoline at the pump had hit its highest level since the beginning of the year, though it still remained significantly lower than the same week a year ago.

“It seems the hard lessons that were learned at $4 a gallon (gasoline) and above have faded,” said John Kilduff, energy analyst with MF Global in New York.

Average prices for regular gasoline in the U.S. fell for the 13th straight day Wednesday to $3.926 a gallon after hitting a peak of $4.114 on July 16. Still, prices remain more than 35% higher than they were a year ago, according to motorist group AAA.
…

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