CNBC reported that oil posted an 8.5 percent gain for the third quarter of 2012. Market players are still uncertain as to whether demand will go up or down in the year’s final quarter.
As quoted in the market news:
Benchmark oil rose 34 cents to $92.19 per barrel in morning trading in New York. In London, Brent crude, which reflects what most U.S. refineries have to pay for oil, rose 38 cents to $112.39.
That marks a quiet finish to a quarter in which oil had a dramatic impact on prices at the gas pump and on some sectors of the stock market. Oil gained 8.5 percent during the third quarter, and is up 18.7 percent from the year low hit on June 28. Gasoline prices rose 14 percent to an average of $3.79 per gallon, a record for late September.