|
Oil prices had lacked a clear direction because of concerns about the global economy. The U.S. isn't adding enough jobs and Europe appears headed for another recession. China's burgeoning economy cooled off. But on Friday, a report out of China soothed everyone's nerves. The world's second-largest economy is still growing, albeit at the slowest pace since 2009. The 7.6 percent growth rate was in line with analysts' expectations. "We're breathing a sigh of relief here," independent analyst Jim Ritterbusch said. "The market was looking for some bad numbers." As China's economy slows, analysts said the U.S. and other countries will likely pursue new measures to spark growth. Meanwhile, U.S. retail gasoline prices rose less than a penny to a national average of $3.388 per gallon, according to AAA, Wright Express and Oil Price Information Service. A gallon of regular has risen by about 3 cents in the past week, though it's still 55 cents cheaper than its peak price in April. In other futures trading, heating oil rose by 1.49 cents to end at $2.7882 per gallon and wholesale gas added a penny to finish at $2.8161 per gallon. Natural gas was unchanged, ending the week at $2.874 per 1,000 cubic feet.
[Associated
Press;
Copyright 2012 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor