Crude oil futures bounced back slightly during Asian trading hours after an overnight sell off pushed prices to their lowest point in over a year.
Investors are expecting the United States to be in for a cold winter this year and natural gas prices have responded in kind.
Low crude oil future prices stabilized as Libyan production of crude increased and put downward pressure on the price.
On Tuesday morning crude oil futures rebounded following overnight declines, aided by upbeat Chinese manufacturing data.
According to Lundberg Survey Inc, the average price of regular gasoline at U.S. fell to the lowest level since Feb. 7, trading down 8.9 cents in the two weeks ended Sept. 19 to $3.3741 a gallon.
On Friday crude oil futures fell slightly amid ample supplies across the globe and as a strengthening dollar capped prices.
Natural gas prices rose on Tuesday, lifted by both warm and cool temperature forecasts in the U.S.
On Tuesday Brent crude oil prices traded down, as a result of concerns over weakening demand and sluggish economic growth.
On Thursday, oil prices recovered from multi-month lows as traders turned their attention to expectations for U.S. demand and fresh sanctions on Russia.
the world’s largest super-tanker has been booked by a Chinese trading firm in order to store crude oil at sea, increasing the number of vessels used for floating storage.