Gas dips to 88 cents

he price of gas in Hamilton has dropped below 90 cents a litre.

Prices hover around 88 and 89 cents a litre after the third consecutive dip in a week.

Gas costs slightly more in Halton where Burlington stations are posting it at 91 cents.

A year ago, the average price of gas in Hamilton and Burlington was $1.35 a litre, four cents below the national average of $1.39.

The lower price follow the ups and downs of the world oil price which has skittered around $60 US a barrel as the markets debate the strength of emerging global economic recovery

Oil prices climbed back above US$60 a barrel in Asia today on signs that region be may emerging from an economic slump, fueling crude oil demand and therefore higher prices..

Benchmark crude for August delivery was up 70 cents to $60.39 a barrel by late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. On Monday, the contract fell 20 cents to settle at $59.69.

Singapore said today its economy surged an annualized, seasonally adjusted 20.4 per cent in the second quarter, adding to hopes that Asia could lead the world out of recession and fuel crude demand.