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Crude oil jumps 23% since June
Posted: Aug 17, 2012 9:52 AM by Associated Press
NEW YORK (AP) - Oil is swinging between small gains and losses, following a report suggesting the U.S. might tap strategic reserves to slow the rising cost of crude.
Benchmark crude is down 11 cents to $95.48 in morning trading on the New York Stock Exchange. It has gained three percent this week on the heels of better-than-anticipated economic data and an unexpected drop in U.S. oil supplies. It's up 23 percent since a low in late June.
Late Thursday, Reuters reported that the Obama administration is considering the release of oil reserves to slow the commodity's upward climb. The price of oil and its implications for gasoline are a critical issue ahead of the November presidential election. Gasoline prices are up almost 30 cents in the past month.
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