Crude Oil Prices Up Sharply

By CnAgri2012-07-09 20:26:17 Print

Crude oil prices rebounded from last week's drop in price. The West Texas Intermediate increased $8.30 per barrel, closing at $87.66 and Brent crude oil spiked $9.70, closing at $99.89.

The price of global crude oil showed a significant increase this week on the West Texas Intermediate (WTI) rising $8.30 per barrel over last week, closing at $87.66.

Brent crude oil also recorded a spike in price this week, finishing at $99.89 per barrel on Tuesday's close, up $9.70 from the previous week.

One year ago WTI crude sold for $96.89 and Brent crude was at $115.09.

As of Tuesday, the price of regular unleaded gasoline averaged $3.34 across Iowa according to AAA. This is a decrease over the previous week of $.09 and down $.17 compared to one year ago. The national average on Tuesday was $3.34, down $.04 from last week's price.

Retail diesel fuel prices in Iowa were down a penny with a statewide average of $3.57. One year ago diesel prices averaged $3.81 in Iowa. The current Iowa diesel average is $.09 per gallon lower than the national average of $3.66.

Wholesale ethanol prices were up $.16 this week, closing at $2.35. The price of Mid-Grade Blend in Iowa (10% ethanol) closed at $3.26 per gallon, down $.09 from last week's price and down $.17 compared to one year ago.

Natural Gas prices in Iowa rose $.10 over last week's report, ending the week at $2.80 / MMbtu.