New York, August 18: Oil prices rebounded today with major European and Asian stock markets after a huge sell-off that began the week.
Still, energy prices swung early in the day with so much uncertainty about the pace of an economic recovery.
Benchmark crude for September delivery gained 66 cents to USD 67.41 a barrel on the New York Mercantile Exchange. On Monday, the contract fell 76 cents to settle at USD 66.75, the second consecutive day of declines that dropped the price of crude by 5 per cent.
Prices still linger near monthly lows and natural gas prices fell for the ninth straight day. That is a reflection of the doubts over a quick rebound for the economy. Major industries are not making products in great numbers because consumers are still skittish.
That lack of demand for the energy needed to produce goods has pushed natural gas prices to seven-year lows.
That could lower utility bills for millions of Americans, depending on state regulations and contracts signed by power providers.
Consumers are still staying away from stores, though some retailers did better than expected.
—Agencies