Oil flat, but gasoline prices soar

April 26, 2011|Associated Press

NEW YORK — Oil was flat yesterday, as the dollar pulled back from lows set earlier in the day and investors awaited this week’s Fed meeting.

Benchmark crude for June delivery lost a penny to settle at $112.28 per barrel on the New York Mercantile Exchange.

In London, Brent crude lost 33 cents to settle at $123.66 per barrel on the ICE Futures exchange.

But gas pump prices continued to climb for the 34th straight day, to a national average of more than $3.86 per gallon, according to AAA, Wright Express and Oil Price Information Service.

In Massachusetts, gasoline prices have surged 16 cents in the past week. AAA Southern New England said a gallon of self-serve, regular is now selling for an average of $3.82 per gallon.

That’s up 19 cents in two weeks and is $1.02 more than at the same time last year.

In other Nymex trading, heating oil lost 1.73 cents to settle at $3.1989 per gallon.