Oil settles higher, gas pump prices lower
By Chris Kahn
NEW YORK (AP) - Gas pump prices fell for the fifth day after flirting with a national average of $4 per gallon last week.
Energy trader Stephen Schork said nobody's confident about their positions after oil prices tumbled last week by the largest percentage in two and a half years. The CME Group, which owns the New York Mercantile Exchange, also raised margin requirements this week, making it more expensive to speculate in energy commodities.
"Everyone's just tightening the reins here" on oil trades, Schork said.
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