Oil stabilizes near $106; pump prices fall

AP News
Posted: Aug 12, 2013 1:01 PM

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.