Oil rises to four-week high, 3 pct. gain for May

AP News
Posted: May 19, 2014 5:50 PM

The price of oil rose to a four-week high Monday, bringing its gain for the month of May to almost 3 percent.

Benchmark U.S. crude for June delivery fell 59 cents to $102.61 a barrel on the New York Mercantile Exchange. Oil has risen by $2.87, or 2.9 percent, since the start of the month.

Brent crude for July delivery, a benchmark for international oil, lost 38 cents to $109.37 on the ICE Futures exchange in London.

At the gas pump, the average price of a gallon of gas stood at $3.65, down 2 cents from a month ago and equal to the average price at this time last year.

In other energy futures trading in New York:

— Wholesale gasoline fell 1 cent to $2.96 a gallon.

— Natural gas added 6 cents to $4.47 per 1,000 cubic feet.

— Heating oil fell 1 cent to $2.94 a gallon.