Rising Oil Price A Boon For The US Economy
According to the investors, the high-ceilinged oil price has come up with positive news for the U.S. economy. The Automatic Data Processing reported that the service industries got plenty of benefits. As a result of soaring oil prices, Benchmark crude rose by 32 cents to end the day at $92.51 per barrel in New York, while Brent crude lost 20 cents to finish at $109.34 a barrel in London. As a result of alteration in oil price, Benchmark crude mounted 20% higher in 2010. Hence, the economy is losing its importance on the commodity market. If the economy stays standstill, then the central bank assures to take a leap step. Another point to note down here is that the demand for distillate supplies that include diesel and heating oil dropped enormously. However, the demand for distillate supplies, especially in foreign countries resulted to increase in export. In North America and U.S. industries, many energy companies are expanding oil and natural gas drilling operations. The retail price on diesel has increased 80.1 cents higher per gallon. Its price will keep on rising because of the existing market scenario. The price of gasoline is soaring at $4 per gallon. However, a gallon of regular oil is available at reasonable rate. According to the energy trading, the heating oil lost 3.72 cents to end at $3.0007 per gallon. Gasoline futures finished at $2.6272 per gallon. Natural gas lost 3.2 cents to end at $3.749 per 1,000 cubic feet.
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