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Oil Dips, but Gas Prices Set to Rise

NEW YORK -- Oil prices fell Friday as investors sold to lock in profits, but analysts doubt oil's record-breaking run is over and say gasoline prices are about to start following crude higher, according to the Associated Press.

Gasoline prices have so far held steady or even fallen despite a rally that boosted oil to new records for eight straight trading sessions on the New York Mercantile Exchange.

Posted by Peter C. T. Elsworth  at 4:33 PM to Crude oil market , Gas prices | Permalink | Comments 0

Pressure on GM goes up for every day auto contract talks drag on

So, after days and days of going round and round about how to get a $50-billion commitment for future retiree health care off General Motors' balance sheet and into a union-run trust fund, the UAW and GM have punted this vexing issue off to the side while they discuss other matters, according to Tom Walsh of the Detroit Free Press.

Posted by Peter C. T. Elsworth  at 9:24 AM to GM , Unions | Permalink | Comments 0

Oil slips towards $81

LONDON - Oil prices slipped a little today, after hitting a succession of record highs this week which were fuelled in part by oil company production shutdowns in the Gulf of Mexico because of a storm threat, according to Reuters.

U.S. crude for November delivery fell 18 cents to $81.60 a barrel by 7:30 a.m. EDT. The October U.S. crude oil contract expired on Thursday after it hit a record for the seventh-straight session at $84.10.

Posted by Peter C. T. Elsworth  at 9:11 AM to Crude oil market | Permalink | Comments 0