NS: Oil dips ahead of inventory report, gasoline prices on the rise
COLUMBUS, Ohio - Oil prices dipped Wednesday ahead of a U.S. government report that is likely to show domestic supplies of crude grew because of continuing weakness in the economy.
Benchmark crude for May delivery fell $1.32 to $52.66 a barrel on the New York Mercantile Exchange. Prices at the pump were another story. National retail gasoline prices in the United States hit the highest level this year and are on pace to surpass US$2 a gallon by Friday. Prices at the pump have risen six cents nationally this week.
In Canada, where gasoline prices are usually higher even on a currency-adjusted basis, it costs on average 89.13 cents Cdn per litre, up from 89.9 cents on Tuesday and 85.7 cents per litre a month ago, according to Gasbuddy.com.
