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U.S. markets recover from steep losses
NEW YORK, April 29 (UPI) -- Crude oil prices rose on the New York Mercantile Exchange Wednesday in spite of a sharp drop in the U.S. gross domestic product.
The Commerce Department said the GDP fell 6.1 percent in the first quarter, not quite as sharp as a 6.3 percent drop in the final quarter of 2008.
Oil prices gained $1.18 to $50.50 per barrel on hopes of an economic recovery. Heating oil prices gained 0.0095 cents to $1.3195 per gallon. Reformulated blendstock gasoline rose 0.0475 cents to $1.4448 per gallon. Natural gas prices fell 0.106 cents to $3.345 per million British thermal units.
At the pump, the average price for a gallon of regular unleaded gasoline was $2.05, up from Tuesday's $2.048 a gallon, AAA said.
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