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U.S. markets recover from steep losses
NEW YORK, May 15 (UPI) -- New York crude oil prices closed at more than $63 a barrel Tuesday on fears about tight U.S. gasoline inventories during the summer driving season.
The fears followed a report from the Organization of the Petroleum Exporting Countries saying inventories were more than enough to meet summer-driving fuel demand but gasoline stocks were "low for this time of year."
Light, sweet crude for June delivery rose 71 cents, or 1.14 percent, to close at $63.17 on the New York Mercantile Exchange. It had traded as high as $63.30.
June natural gas lost 9 cents, or 1.11 percent, to $7.86 per 1,000 cubic feet. June heating oil added 2.34 cents, or 1.25 percent, to $1.8902 a gallon.
Reformulated gasoline blendstock for oxygen blending edged up 0.04 cent, or 0.02 percent, to $2.3016 a gallon.
AAA said Tuesday the average U.S. retail regular unleaded gasoline price was $3.087 a gallon, up 1.4 cents from Monday's $3.073 a gallon.
AAA Public Affairs Director Geoff Sundstrom told a U.S. Senate committee Tuesday the last time gasoline prices topped $3 a gallon was Aug. 7, 2006, after Israel invaded Lebanon.
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CANBERRA, Australia, May 23 (UPI) --
Australia has passed legislation establishing the $10 billion Clean Energy Finance Corp. to provide grants and government investment to green projects.
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MELBOURNE, Fla., May 23 (UPI) --
Northrop Grumman says its Military Airworthiness Certification is closer for its re-engined EC-8 Joint Surveillance Target Attack Radar System aircraft.
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The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
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What if Europe turned out to be the new Japan?
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