Gas Prices Take a Jump

Oct 25, 2011, 09:45 by R.E. Christian

Crude oil prices jumped above the $91-per-barrel mark Monday after the purchasing manager's index came in better than expected in China.

European leaders continued to hash out details of a new deal to recapitalize Europe's banks and restructure Greece's debt. An announcement is expected from Brussels Wednesday.

Investors who lived off of dim expectations for most of the summer and fall are now fluttering along on wild expectations because leaders have billed the policy announcement as a game-changer for regional debt and struggling European banks.

On the New York Mercantile Exchange Monday, December delivery of West Texas Intermediate crude oil added $4.23 to $91.62 per barrel, up 4.8 percent.

Home heating oil in late trading lose 0.92 cents to $3.045 per gallon. Reformulated blendstock gasoline lost 0.63 cents to $2.664 per gallon.

Henry Hub natural gas prices shed 0.74 cents to $3.604 per million British thermal units.

At the pump, the national average price of unleaded gasoline fell to $3.451 per gallon from Sunday's $3.456, AAA said.

Source: UPI