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Oil prices increase for a second week | News

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Oil prices increase for a second week
Oil prices increase for a second week

Tampa, FL -- Oil prices increased for the second week in a row, keeping a barrel of oil above $80 after the Group-20 (G-20) and European leaders began discussion to draft a plan to resolve the European debt crisis, according to a AAA Club South release. The new plan's completion date is set for the last week of October, with a review by the G-20 scheduled for the first of November. 

The market reacted to talks of the plan and received additional upward momentum from a Commerce Department report that showed U.S. retail sales increased 1.1 percent last month. 

Crude oil settled Friday at $86.80 a barrel on the New York Mercantile Exchange—$3.22 more than the week prior.

"The market has waited more than a month for a piece of positive news to latch onto and drive oil prices higher. Although the data caused investors to get bullish, it will be interesting to see if the increase in oil prices is sustainable," Jessica Brady, spokesperson, AAA said the release. "Retail gas prices already reacted to the two-week jump in oil prices and reversed the downward momentum reflected in September. We're likely to see gas prices continue to increase this week unless oil prices fall."

The national average price of regular unleaded gasoline is $3.45 per gallon, 6 cents more than last week. Florida’s average price of $3.42 increased 7 cents last week.

Average retail gasoline prices in Tampa rose 10.1 cents per gallon in the past week, averaging $3.35/g yesterday. This compares with the national average that has increased 6.3 cents per gallon in the last week to $3.49/g, according to gasoline price website TampaGasPrices.com.

Including the change in gas prices in Tampa during the past week, prices yesterday were 59.7 cents per gallon higher than the same day one year ago and are 10.0 cents per gallon lower than a month ago.

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