Gasoline prices edge down in California, up in U.S.
Pump prices have held relatively steady in much of the nation, but respite may be brief.
The average U.S. price of a gallon of regular gasoline rose 1.4 cents, to $3.508, according to the Energy Department’s weekly survey, released Monday. In California, the average fell 0.6 of a cent, to $3.802 a gallon.
Analysts attributed the national rise to the recovery in oil prices.
U.S. crude futures are hovering around $90 a barrel after falling as low as $77.69 during the final week of June. On Monday, U.S. benchmark oil was down 35 cents a barrel to $89.78 in trading on the New York Mercantile Exchange. Brent crude declined 27 cents to $106.20 in London.
The rise in oil prices has sent gasoline futures higher as well, leading analysts to predict more increases at the pump.
“While motorists in many regions saw gasoline prices stabilize over the last week, it’s only a matter of time before last week’s rise in wholesale prices translates to a continued march higher on the retail level,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com, a price-tracking website. “The late week rally in stocks seemed to also fuel commodities higher, leading me to believe that pump prices will again pick up over the next week.”
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