Investors were concerned protests in Egypt would disrupt oil transportation along the Suez Canal, which transports between one to two million barrels of oil a day. Despite concerns, the Suez Canal remains unaffected by the protests and did not cause the price of oil to increase.
The closing price of oil barely changed after reports showed fewer jobs were added in January than forecast. Oil and gas stockpiles continue to increase as fuel demand decreases.
“Oil has traded right around $90 a barrel since the start of the new year and it looks like it may stay at this price throughout February, assuming the situation in Egypt does not worsen and hinder transports on the Suez Canal,” said Jessica Brady, spokesperson, AAA Auto Club South. “The economic recovery has not taken off as many investors expected and instead, fuel demand has decreased. Retail gas prices will likely remain relatively unchanged this week.”
The price of crude oil closed Friday at $89.03 a barrel on the New York Mercantile Exchange, 8 cents less than last week.
The national average price of unleaded regular gasoline is $3.12 per gallon, up 3 cents from last week. Florida’s average price of $3.12 increased 1-cent from last week. While Georgia’s average price of $3.01 increased 2 cents and Tennessee’s average price of $2.96 increased 3 cents from last week, respectively.