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Oil Slips Slightly As Mideast Talks Continue

US Gasoline prices 2009 2010 Rising Gas PricesGasoline prices have risen steadily over two years
SOURCE: US Dept. of Energy
(Feb. 7) Brent crude oil dipped below the $100 per barrel mark as factions in Egypt began discussing the political future of their country.

Brent, which had been climbing because of production delays in the North Sea, jumped as street protests in Egypt escalated. But over the weekend Brent slipped slightly below $100 and began a new week fluctuating around that psychological benchmark.

WTI traded above $90 a barrel this week, erasing the January retrenchment that had knocked the price down to the the low $80's. Monday morning WTI traded at about $88.58 a barrel.

US motorists, however, did not share in the relief. The average price for a gallon of gasoline remained at $3.12, the same as last week but 4% higher than January. It had been around $2.75 throughout most of 2010. For more information see our gasoline cost calculator page.