Oil Prices Still Unstable
2008-09-25 10:04:10.0
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NEW YORK (AP) - Oil prices have been fluctuating today, near
$106 a barrel a midday.
Traders are weighing a number of factors, including declining
demand and supply outages in the Gulf of Mexico caused by
Hurricanes Ike and Gustav.
The November contract has dropped 4 percent since Monday, after
a four-day rally.
At the pump, auto club AAA says the national average for regular
unleaded gas stands at $3.70.
While oil companies are returning crews to their Gulf platforms
and rigs after the storms plowed through the region, most
production remains offline. Damage to U.S. Gulf Coast refineries
prompted the Mexican state oil company Pemex to reduce its daily
output. It expects production to be back to normal by the end of
the week.
Copyright 2008 by The Associated Press. All Rights Reserved.)
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