Marathon Raises Prices on 10 Grades of Oil
Undated (AP) _ Marathon Oil Co. announced Tuesday it has raised the price it will pay for the major U.S. grade of crude oil and nine other blends by 25 cents a barrel, saying the move reflected market conditions.
Under the new price schedule, which took effect Monday, Marathon increased the price it will pay for West Texas Intermediate crude, the top domestic grade of oil, to $27.50 a barrel.
West Texas Intermediate also rose Tuesday on the New York Mercantile Exchange, where contracts for October delivery gained 16 cents from Monday to close at $28.08 a barrel.
In the spot or non-contract market, West Texas Intermediate oil for October delivery was quoted Tuesday at $27.95 a barrel, according to Telerate Energy Service, a market information firm.
In contrast, West Texas Intermediate crude briefly traded for less than $25 a barrel last January.
Marathon is a subsidiary of U.S. Steel Corp. and is the nation’s 14th largest oil company in rankings based on assets.