Oil jumps above $97 with economy in focus

Published on NewsOK Modified: January 29, 2013 at 4:08 pm •  Published: January 29, 2013
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It all adds up to higher prices at the pump. The average price for a gallon of gas rose for a 12th straight day Tuesday to $3.36 a gallon, a seven-week high. And Kloza says wholesale prices have risen over the past week, so more increases are likely at the local gas station. Still, he doesn't expect gas to spike as it did last year when the average price rose 55 cents a gallon between Jan. 25 and the end of March.

Brent crude, used to price international varieties of oil, rose 88 cents to end at $114.36 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline rose 4 cents to finish at $2.97 per gallon.

— Natural gas lost 6 cents to end at $3.23 per 1,000 cubic feet.

— Heating oil gained 5 cents to finish at $3.11 a gallon.

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Pamela Sampson in Bangkok and Pablo Gorondi in Budapest contributed to this report.