Monday, February 11, 2013 3:10 pm
Oil rises on euro gains; pump price at $3.59
By The Associated Press
Pump prices fell slightly in New York, Rhode Island and Connecticut while holding steady in Massachusetts, Vermont and New York. A massive winter storm walloped the region with up to 3 feet of snow.
The national average rose again, however, as prices climbed in other parts of the country. The price in California gained a penny overnight and is now more than $4.05 a gallon. Just a month ago the state average was $3.63 a gallon.
The national average is now at $3.59, up from $3.31 a month ago.
Meanwhile, the price of oil rose more than $1 as the euro strengthened against the dollar. The euro rose to $1.3415 against the dollar from $1.3363 late Friday in New York.
A strong euro tends to result in higher oil prices by making crude priced in dollars cheaper - and a more enticing investment - for traders using currencies other than the greenback.
Benchmark oil gained $1.31 to finish at $97.03 a barrel on the New York Mercantile Exchange.
In London, Brent crude, used to price international varieties of oil, fell 77 cents to end at $118.13 a barrel on the ICE Futures exchange.
In other energy futures trading on the Nymex:
- Wholesale gasoline fell 4 cents to finish at $3.02 a gallon.
- Natural gas rose less than a cent to end at $3.28 per 1,000 cubic feet.
- Heating oil gave up less than a penny to finish at $3.23 a gallon.
Pablo Gorondi in Budapest contributed to this report.