NEW YORK (CNNMoney.com) -- Oil gained a little Wednesday from the one-month low hit during the previous session, but prices remained in a tight trading range amid ongoing global economic uncertainty.
What prices are doing: Crude oil futures for August delivery rose 49 cents, or 0.7%, to $72.47 a barrel.
The national average price for a gallon of regular unleaded gas decreased to $2.721, down 0.3 cent from the previous day's price, according to motorist group AAA.
What's moving the market: Crude oil rebounded from its lowest level since early June but struggled to move beyond a tight range near $72 a barrel as the dollar firmed against the euro and the pound.
Crude oil, like other commodities, is priced in dollars, and a stronger greenback weighs on prices.
Oil prices were mostly higher during the previous session, tracking a rally in global stocks, but investor optimism faded into the afternoon and oil prices finished down for a sixth straight session. Crude has slipped 8.7% during those consecutive declines.
What analysts are saying: "Due to a lack of the economic indicators, investors will be keeping an eye on the U.S. dollar movements and the direction of the global equity markets for further signs of the economic conditions," said Myrto Sokou, analyst at Sucden Financial.
As economic uncertainty persists, oil is likely to trade between $70 and $75 a barrel, she added.
Overnight Avg Rate | Latest | Change | Last Week |
---|---|---|---|
30 yr fixed | 3.80% | 3.88% | |
15 yr fixed | 3.20% | 3.23% | |
5/1 ARM | 3.84% | 3.88% | |
30 yr refi | 3.82% | 3.93% | |
15 yr refi | 3.20% | 3.23% |
Today's featured rates:
Index | Last | Change | % Change |
---|---|---|---|
Dow | 32,627.97 | -234.33 | -0.71% |
Nasdaq | 13,215.24 | 99.07 | 0.76% |
S&P 500 | 3,913.10 | -2.36 | -0.06% |
Treasuries | 1.73 | 0.00 | 0.12% |
Company | Price | Change | % Change |
---|---|---|---|
Ford Motor Co | 8.29 | 0.05 | 0.61% |
Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
General Electric Co | 13.00 | -0.16 | -1.22% |
Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
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