Home Energy Oil Prices Higher in the 3rd Quarter

Oil Prices Higher in the 3rd Quarter

SHARE

Crude-oil futures on Friday ended a seesawing session in the black, a result that pushed quarterly gains to 8.5%, their highest since the fourth quarter of 2011. Worries about the Mideast and a boost from a fresh volley of economic stimulus in the U.S. and elsewhere pushed oil higher in recent months, although profit-taking and a resurgence of fears about the euro zone have taken a toll in September.

 

Third-quarter gains for oil follows losses of 18% in the second quarter of the year, oil’s worst since late 2008. Oil lost 4.4% on the month. Crude futures for November delivery on Friday gained 34 cents, or 0.4%, to end the day at $92.19 a barrel on the New York Mercantile Exchange. On the week, prices declined 0.8%.

 

Prices ended lower three out of the past five sessions, with oil jumping 2.1% Thursday after a speech from Israeli Prime Minister Benjamin Netanyahu at the United Nations General Assembly fanned fears of military intervention to stop Iran’s nuclear program.