» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 127 | NO. 197 | Tuesday, October 09, 2012

Oil Prices Fall After Warning From World Bank

The Associated Press

Print | Front Page | Email this story | Comments ()

NEW YORK (AP) – A strong warning from the World Bank that growth in Asia may slow further dragged down the price of oil Monday.

The World Bank signaled the possibility of a “more pronounced slowdown” in China, the world’s second largest economy after the United States. It also cut its growth forecast for Asia. Red-hot growth in emerging markets like China and India helped boost oil consumption coming out of the global recession.

Benchmark crude fell 74 cents to $89.14 in morning trading in New York. The contract hasn’t closed lower since Aug. 2.

At the pump, gas prices remain stubbornly high. The national average for gasoline rose 3 cents over the weekend to $3.818 a gallon. But Californians are now paying an average of $4.668 a gallon, the highest price in the nation, after a jump of 50 cents in the past week. Some motorists there are paying over $5.

In response, Gov. Jerry Brown has ordered state smog regulators to allow cheaper winter-blend gas to be sold three weeks early in the state. And Sen. Dianne Feinstein has called for a federal investigation because she doesn’t think the higher prices are related to supply and demand.

Experts are predicting prices in California could climb to an average of $4.85 before coming down.

In London, Brent crude, which is used to price international varieties of oil, fell 36 cents to $111.66.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 35 250 5,016
MORTGAGES 60 382 6,608
FORECLOSURE NOTICES 17 55 1,534
BUILDING PERMITS 179 720 11,979
BANKRUPTCIES 54 257 5,216
BUSINESS LICENSES 24 89 2,025
UTILITY CONNECTIONS 92 443 6,907
MARRIAGE LICENSES 16 81 1,422

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.