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U.S. markets recover from steep losses
NEW YORK, June 23 (UPI) -- Crude oil prices hovered near $92 per barrel Thursday after the U.S. Federal Reserve said the economic recovery was slowing.
At a press conference Wednesday afternoon, Federal Reserve Chairman Ben Bernanke said, "We don't have a precise read on why this slower pace of growth is persisting," The Wall Street Journal reported.
The uncertainty did not play well in markets. Equities on Wall Street fell late in the day. Oil prices fell sharply in early trading, then rebounded late, adding $1.02 to $92.04 per barrel. Home heating oil added 3.8 cents to $2.8374 per gallon. Reformulated blendstock gasoline prices gained 3.21 cents to $2.8085 per gallon.
Henry Hub natural gas prices added 3 cents to $4.223 per million British thermal units.
At the pump, the national average price of unleaded gasoline lost 1.4 cents overnight to $3.626 per gallon, AAA said.
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