- 03 Aug
Crude Oil Jumps $2 Over Night – Futures At 3 Month Peak
Crude oil today is trading $2 higher than yesterday at $81.34/bbl. Sweet crude futures for delivery in September traded at $81.43 a barrel early today. The price increase is attributed to the dollar weakening broadly, and to tropical storm Colin. Additionally, weekly inventory data is expected to show crude oil stockpiles in the United States fell last week.
Some analysts are now looking for crude to hit $87/bbl in 2010. There are 42 gal of oil in a barrel, and it takes between 1.5 and 2 gal of oil to make a gal of gas, depending on the refining process and type of oil.