NEW YORK (AP) — The price of oil holding steady around $99 a barrel Monday, after getting a boost last week from the U.S. Federal Reserve's latest plan to boost the U.S. economy.
Benchmark crude slipped 5 cents to $98.95 in afternoon trading on the New York Mercantile Exchange. Oil rose 2.7 percent last week.
The Fed's plan, which includes keeping interest rates at extraordinarily low rates into 2015, gives investors the incentive to put their money into riskier assets like commodities. But the higher oil rises, the more analysts believe consumers will pull back on spending.
While higher oil prices tend to drive up prices at the pump, the end of the summer driving season means less demand for gasoline.
The national average for gasoline Monday is $3.862, down slightly from Friday, according to AAA, Wright Express and the Oil Price Information Service. That's still up about 14 cents from a month ago.
Brent crude, which is used to price international varieties of oil, fell 54 cents to $116.12 per barrel on the ICE Futures Exchange London.
Other futures lost ground on the New York Mercantile Exchange:
— Wholesale gasoline fell 2 cents to $2.99 a gallon.
— Heating oil fell 3 cents to $3.21 a gallon.
— Natural gas lost 7 cents to $2.87 per 1,000 cubic feet.
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STORRS, Conn. (AP) — Officials at the University of Connecticut have begun work on a master plan to reshape the infrastructure at the school.
HARTFORD, Conn. (AP) — Gov. Dannel P. Malloy and Lt. Gov. Nancy Wyman are directing U.S. and Connecticut flags to fly at half-staff on Saturday in honor of the 20 children and six adults who were killed a year ago at Sandy Hook Elementary School in Newtown.
Up to a foot of snow is expected to drop on the state during this weekend's storm.
A snow and ice storm headed for the Northeast is expected to slow weekend travel and has utilities and airports on alert.
Farmington police say an officer shot and killed a man while responding to a fight between a father and his adult son.
As the snow heads our way for the weekend, we're dealing with some freezing temperatures out there. News 8 got advice from some professionals on how to keep you safe.
Police have identified a man who was shot in the head in New Haven Thursday, and was originally misidentified because of a fake ID in his possession.
The treasurer of the Milford Rotary Club has been arrested on larceny charges on accusations he embezzled more than $200,000 from the Milford Rotary and two other groups.
The state Democratic Party is returning a $10,000 contribution from the chief executive of Comcast-Spectacor and owner of the Philadelphia Flyers, saying it has learned he could be a state contractor.
West Haven officials say state plans to eliminate Exit 44 on Interstate 95 south will make it harder for the city to attract business.