In this Tuesday, Aug. 28, 2012 photo, a man pumps gas into his van while a sign advertises that a gallon of regular unleaded costs $4.09 at a Speedway in Kalamazoo, Mich. (AP Photo/Kalamazoo Gazette, Mark Bugnaski)
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Updated: Monday, 17 Sep 2012, 12:13 PM CDT
Published : Monday, 17 Sep 2012, 12:13 PM CDT
NEW YORK (AP) — The price of oil holding steady around $99 a barrel Monday, after getting a boost last week from the U.S. Federal Reserve's latest plan to boost the U.S. economy.
Benchmark crude slipped 5 cents to $98.95 in afternoon trading on the New York Mercantile Exchange. Oil rose 2.7 percent last week.
The Fed's plan, which includes keeping interest rates at extraordinarily low rates into 2015, gives investors the incentive to put their money into riskier assets like commodities. But the higher oil rises, the more analysts believe consumers will pull back on spending.
While higher oil prices tend to drive up prices at the pump, the end of the summer driving season means less demand for gasoline.
The national average for gasoline Monday is $3.862, down slightly from Friday, according to AAA, Wright Express and the Oil Price Information Service. That's still up about 14 cents from a month ago.
Brent crude, which is used to price international varieties of oil, fell 54 cents to $116.12 per barrel on the ICE Futures Exchange London.
Other futures lost ground on the New York Mercantile Exchange:
— Wholesale gasoline fell 2 cents to $2.99 a gallon.
— Heating oil fell 3 cents to $3.21 a gallon.
— Natural gas lost 7 cents to $2.87 per 1,000 cubic feet.
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