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The Journal Gazette

Tuesday, December 31, 2013 4:11 pm

Oil ends the year at $98 a barrel

By The Associated Press

The price of oil retreated from its recent high to end the year at $98.42 Tuesday.

The price fell 87 cents from Monday's close and was down from Friday's settlement of $100.32, the first triple-digit close since Oct. 18.

Recently, a stronger dollar has been keeping a cap on oil prices by making commodities like oil priced in dollars more expensive for traders using other currencies. On Tuesday, the euro was down to $1.3754 from $1.3793 late Monday in New York.

When traders come back in the new year, they will be monitoring the amount of oil reserves in the nation. Crude stockpiles have fallen for four straight weeks but still remain 9.2 percent higher than five-year averages.

At the gas pump, the average price for a gallon of gasoline is $3.32. That's up 6 cents from a week ago, and up 3 cents from this time last year.

Brent crude, a benchmark for international oils, was down 41 cents at $110.80 a barrel on the ICE exchange in London.

In other energy futures trading on Nymex:

- Wholesale gasoline lost 2 cents to $2.79 per gallon.

- Heating oil was unchanged at $3.08 per gallon.

- Natural gas fell 20 cents to $4.23 per 1,000 cubic feet.