NEW YORK (AP) — The price of oil holding steady around $99 a barrel Monday, after getting a boost last week from the U.S. Federal Reserve's latest plan to boost the U.S. economy.
Benchmark crude slipped 5 cents to $98.95 in afternoon trading on the New York Mercantile Exchange. Oil rose 2.7 percent last week.
The Fed's plan, which includes keeping interest rates at extraordinarily low rates into 2015, gives investors the incentive to put their money into riskier assets like commodities. But the higher oil rises, the more analysts believe consumers will pull back on spending.
While higher oil prices tend to drive up prices at the pump, the end of the summer driving season means less demand for gasoline.
The national average for gasoline Monday is $3.862, down slightly from Friday, according to AAA, Wright Express and the Oil Price Information Service. That's still up about 14 cents from a month ago.
Brent crude, which is used to price international varieties of oil, fell 54 cents to $116.12 per barrel on the ICE Futures Exchange London.
Other futures lost ground on the New York Mercantile Exchange:
— Wholesale gasoline fell 2 cents to $2.99 a gallon.
— Heating oil fell 3 cents to $3.21 a gallon.
— Natural gas lost 7 cents to $2.87 per 1,000 cubic feet.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Last week’s early-winter storm canceled school, closed roads, and put the Toys-for-Tots program in Sullivan County in unprecedented danger just weeks before Christmas.
Two dog lovers want answers after they find a litter of pups freezing in Saturday's snow.
On Wednesday evening just before 6:00, Flora Assistant Police Chief Guye Durre was struck by a semi on Highway 50 and North Stanford in Flora while in his squad car.
Hoosier Lottery fans will have a shot at winnings multiple millions this week.
A Parke County accident kills one, and sends another to the hospital.
Court Documents show what led to the murder of 17 year old Devan Burris of Washington, Indiana.