Today's news states:
LONDON (AP) — Oil prices rose Tuesday as cold weather settled in on the northeastern United States.
Unusually warm weather in the United States and data showing growing crude inventories dragged oil prices below $50 a barrel last week for the first time since May 2005. But prices rallied Monday following a weekend storm, and seasonal temperatures persisted Tuesday as a cold front moved into the north-central U.S.
Light, sweet crude for March delivery on the New York Mercantile Exchange rose 40 cents to $52.98 in electronic trading by afternoon in Europe.
The February contract closed Monday at $51.13 a barrel, after trading near $53. Market volatility is common in the final days of trading on a contract, but traders also noted that ample U.S. stocks of oil and gasoline were depressing demand for crude oil.
Last week without warning gas prices dipped to almost 1.70 a gallon, for just a day, teasing people with lower prices then the very next day jumping back up 30 cents a gallon. Making the people who had filled up at what they thought was a low price of 1.99 a gallon mad and those who waited to see if it would go lower even madder. The stupidity of the price fluctuations locally is the gas that has been refined that these stations are selling is what the price should be determined by, not what crude oil prices are since it will be weeks if not months before that crude is refined and sold as gasoline...
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