The People's Bank of China knocked the price of oil its perch Tuesday, raising interest rates to slow the economy and curb inflation. Oil prices Tuesday dropped $3.72 or about 4 percent Tuesday, then dipped to an overnight low of $79.90 for December delivery light, sweet crude.
Heating oil prices Wednesday rebounded, adding 0.62 cents to $2.1955 per gallon. Reformulated gasoline prices shed 0.09 cents from a prior settlement to $2.0318 per gallon. Henry Hub natural gas prices added 3 cents to $3.543 per million British thermal units.
At the pump, the national average price of unleaded gasoline rose Wednesday to $2.831 per gallon from Tuesday's $2.829, AAA said.
Copyright 2010 United Press International,