NEW YORK (AP) — The price of oil stabilized around $106 a barrel Monday, while pump prices fell to their lowest level in a month.
Benchmark oil for September delivery was up 6 cents to $106.03 a barrel in midday trading on the New York Mercantile Exchange. The contract had jumped $2.57, or 2.5 percent, on Friday, on strong industrial production data from China.
Meanwhile, the nationwide average price for a gallon of gasoline dropped to $3.55 a gallon, the lowest price since July 11. That's 14 cents cheaper than a year ago at this time.
Natural gas futures were on track for the biggest one-day gain since mid-July. Natural gas was up 12 cents to $3.35 per 1,000 cubic feet.
Brent crude, traded on the ICE Futures exchange in London, rose 51 cents to $107.38 a barrel.
In other energy futures trading on Nymex:
— Heating oil rose 2 cents to $3.02 a gallon.
— Wholesale gasoline was flat at $2.90 a gallon.