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NEW YORK — Gasoline prices are rising again even though drivers in the U.S. have bought less gas for four months in a row.

Oil, which is used to make gasoline, is higher as well. On Tuesday, benchmark West Texas Intermediate crude for August delivery gained $2.28, or 2.4 percent, to settle at $97.43 per barrel on the New York Mercantile Exchange. Brent crude, used to price many international oil varieties, rose 51 cents to settle at $117.75 per barrel on the ICE Futures exchange in London.

“If you look at the macroeconomic headlines, we should be closer to $67 (per barrel) than $97” for WTI, analyst Stephen Schork said. But many traders “are going to keep pushing things to see how far they go.”

Traders point to the effect of international currency markets on the price of oil. The dollar fell Tuesday and helped push up the price of oil, since oil is priced in dollars and becomes less expensive for buyers with foreign currency as the dollar weakens.

But poor jobs data, the growing U.S. trade deficit, a festering credit crisis in Europe and other recent troublesome reports about the economy could have pulled prices down just as easily, analysts said.

“The market is just looking for an excuse to go higher,” said Tom Kloza, publisher and chief oil analyst at Oil Price Information Service.

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Pump prices rebounded this month, hitting a national average of $3.636 per gallon Tuesday. Just a week ago, the average was $3.562 a gallon. A gallon of regular is still about 35 cents less than it was when prices peaked in May. It’s 92 cents higher than a year ago.

In Maine, the average price per gallon Tuesday was $3.742. A week ago, the average was $3.635. A gallon of regular in Maine is down about 22 cents from May’s peak. It’s about $1 higher than a year ago.

Gasoline is getting more expensive even though motorists continue to cut back. MasterCard SpendingPulse said Tuesday that gasoline consumption has dropped for 16 weeks in a row. SpendingPulse, which tracks credit card payments around the country, said the four-week average for gasoline demand fell by 1.1 percent last week compared to a year ago.

Some experts say that rising prices can be explained by the fact that oil and gasoline are traded around the world. The U.S. and Europe may be curbing their use, but China, India and Latin America are not. Overall, world oil demand is growing.

 

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