Oil prices head higher again, taking hopes of lower gas prices with them

The one-day crash in crude oil prices, holding the promise of lower prices for gasoline, was apparently too good to last.

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  By Jeff Chiu, AP
  A price board is shown Thursday at a Shell gas station in Novato, Calif.

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After tanking Thursday, commodities prices, including oil, headed back up Friday, following a U.S. job growth report that showed the economy stronger than many thought. And a stronger economy means higher demand for fuel.

Oil sank Thursday after a weak U.S. report on new claims for unemployment benefits. West Texas Intermediate crude plunged 9% to $99.80 a barrel on theNew York Mercantile Exchange, raisinghopes that the soaring price of gasoline had finally peaked.

On Thursday, the price of benchmark West Texas Intermediate crude fell 9% to $99.80 a barrel on the New York Mercantile Exchange, the first time it has closed below $100 since mid-March.