STOCK MARKET NEWS: Futures gain, oil rebounds, durable goods on tap

Price of gasoline continues to fall

The average price of a gallon of gasoline slipped on Wednesday to $3.883, according to AAA. Tuesday’s price was $3.892. 

The price dropped below $4 for the first time since March more than a week ago, when the price fell to $3.99.

Gas has been on the decline since hitting a high of $5.016 on June 14. Diesel has slipped below $5.00 a gallon to $4.977.

Oil adds to Tuesday’s surge

Oil prices traded higher Wednesday morning, adding to the surge of nearly 4% the previous day. There had been fears of an output cut by the OPEC and its allies.

U.S. West Texas Intermediate crude futures contract traded at $93.00 a barrel, having jumped 3.7% the previous day.

Brent crude futures traded around $99.00 a barrel.

Underlining tight supply, U.S. crude stockpiles fell by about 5.6 million barrels for the week ended Aug. 19., according to market sources. That’s more than the estimate of a drop by 900,000 barrels in a Reuters poll. But gasoline inventories rose by about 268,000 barrels.

Cryptocurrency prices for Bitcoin, Ethereum and Dogecoin were lower on Wednesday morning

Bitcoin was trading around $21,000 after gaining in two of the last three days .Bitcoin is down more than 9% in the past week. For the month, the cryptocurrency is also lower by 9%.

Year-to-date, bitcoin is down more than 53%.

Ethereum was trading around $1,600, after losing more than 11% in the past week. Dogecoin was trading at 6 cents, down 20% in the past week.

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