U.S. Oil Falls Near $80 on Gulf Production
Posted on: Tuesday, 25 September 2007, 09:00 CDT
U.S. oil prices fell near $80 a barrel Tuesday as oil companies resumed Gulf of Mexico production but analysts feared tighter U.S. crude supplies.
Light, sweet crude for November delivery fell 75 cents, or 0.93 percent, to $80.20 a barrel in mid-morning trading on the New York Mercantile Exchange.
Analysts said they expected a U.S. petroleum-stocks report Wednesday to show crude inventories fell by about 2 million barrels last week, their fifth consecutive weekly decline.
October natural gas rose 3 cents, or 0.5 percent, to $6.40 per 1,000 cubic feet.
Heating oil lost 1.36 cents, or 0.61 percent, at $2.217 a gallon.
Reformulated-gasoline blendstock for oxygen blending shed 1.94 cents, or 0.93 percent, to $2.064 a gallon.
AAA said the average U.S. retail regular unleaded gasoline price was $2.811 a gallon, up 0.2 cents from Monday's $2.809 a gallon.
Source: United Press International
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