Oil Price Falling After Bernanke Comments
NEW YORK (AP) — The price of oil is falling after Fed Chairman Ben Bernanke gave no clues about whether the central bank would take further steps to boost the economy.
Investors had hoped that Bernanke would discuss a new plan Tuesday before congressional panel. He didn’t, leaving traders to focus on meager jobs growth, weak retail sales and a slowdown in manufacturing. A sluggish economy points to less demand for oil.
Benchmark U.S. crude lost 45 cents to $87.98 per barrel in New York, while Brent crude rose 4 cents to $103.41 per barrel in London.
At the pump, retail gasoline prices rose by a penny to a national average of $3.406 per gallon.