Gasoline Higher at the Pump

Gasoline Higher at the Pump

Retail gas prices rose one cent Friday to a new national average over $3.96 a gallon, putting them on a course to hit $4 by early next week. Oil futures settled higher after trading in a narrow range.

Light sweet crude for July delivery rose 73 cents to settle at $127.35 a barrel.

At the pump, gas prices rose to a record national average of $3.962 a gallon, according to a survey of stations by AAA and the Oil Price Information Service. Gas prices keep rising despite a downturn in the oil market over the last week, and will likely soon pass the $4 mark.

In other Nymex trading, gasoline futures for June delivery rose 0.47 cent to settle at $3.4089 a gallon. The June gasoline contract expired at the end of trading Friday.

June heating oil futures, which also expired Friday, fell 2.87 cents to settle at $3.6598 a gallon, and July natural gas futures rose 22.9 cents to $11.703 per 1,000 cubic feet.

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