Oil prices down for a second day
NEW YORK - Oil prices plunged for a second day Thursday, raising hopes that a relentless rise in gasoline prices may slow or reverse at least temporarily.
U.S. benchmark crude oil fell $2.38, or 2.5 percent, to finish at $92.84 per barrel in New York, the second drop of 2 percent in two days. Brent crude, which is used to price oil used to make gasoline in many U.S. refineries, fell $2.07 to end at $113.53.
Consumer prices flat in January
WASHINGTON - U.S. consumer prices were flat in January for the second consecutive month. Excluding the volatile food and energy categories, core prices rose 0.3 percent, pushed up by higher costs for clothing, air fares and rents. The Labor Department said the consumer price index has risen 1.6 percent in the 12 months ending in January, down from a 2.9 percent pace a year ago. Core prices have risen 1.9 percent in the past year, below the Federal Reserve's inflation target. Low inflation leaves consumers with more money to spend, which benefits the economy. Private economists see little sign that price increases are accelerating.
Wine exports set new record in '12
SAN FRANCISCO - New figures show U.S. wine exports grew for the third consecutive year in 2012, setting a record of $1.43 billion in revenue.
The San Francisco-based Wine Institute released the figures Thursday and said 90 percent of those exports were from California.
The European Union remained the top market for California wines, accounting for about 34 percent of all sales. But the state's wineries also saw significant growth in Canada and Asia.