Oil Latest News: High Gas Prices: Relief at the Pump Coming Soon, Says Citigroup's Morse

Wochit 0:55 mins

At the beginning of July, U.S. oil topped $100 a barrel for the first time this year, and it hasn't gone back below that threshold since. And at the pump, drivers are paying more for gasoline, at an average of $3.66 a gallon versus $3.48 a year ago and $3.57 a month ago. But Citigroup analyst Ed Morse, expects gas prices to stabilize and start dropping soon. The price of oil rose slightly Thursday, as optimism about the U.S. economy helped erase some early losses. The price of oil fell to near $104 a barrel, extending a big drop the previous day sparked by weakness in China's economy.

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