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Oil Prices Waver Around $60, Rise for First Time In Over A Week
Oil prices wavered around $60 per barrel during Thursday trading, but still rose slightly at the close for the first time in more than a week.
Benchmark crude for August delivery rose 27 cents to settle at $60.41 a barrel on the New York Mercantile Exchange. Crude prices in intraday trading fell below $60 for the first time since May.
The Labor Department said last week that employers cut 467,000 jobs in June and the unemployment rate rose to 9.5 percent, the highest in 25 years. The rise in unemployment has had a significant effect on stock prices, especially oil. With consumers spending less, prices must drop.
Retail gasoline prices fell about a penny overnight to a new national average of $2.58 a gallon on Thursday, according to AAA. Gasoline prices have fallen every day for two weeks and are far below last year at this time, when gas cost more than $4.108 a gallon.
In other Nymex trading, heating oil fell less than a penny to settle at $1.5344 a gallon, but gasoline for August delivery rose 3.05 cents to settle at $1.6638 a gallon. Natural gas for August delivery rose 5.5 cents to settle at $3.408 per 1,000 cubic feet.
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