Crude Oil Closes Near $122 Per Barrel
Posted on: Tuesday, 6 May 2008, 18:00 CDT
Supply worries and a report on increased global demand pushed the price of crude oil to a record close of $121.85 per barrel in New York Tuesday.
A U.S. Energy Information Administration report projected crude oil consumption would increase at the rate of 1.2 million barrels per day in 2008.
Supply worries continued after a series of attacks on Royal Dutch Shell pipelines in Nigeria last week.
On the New York Mercantile Exchange, the price of crude jumped nearly a dollar Tuesday to $121.85 per barrel.
The price of heating oil rose 0.0025 cents to $3.356 per gallon. The price of reformulated gasoline blendstock fell 0.0028 cents to $3.1027 per gallon. Natural gas prices fell 0.015 cents to $11.135 per million British thermal units.
At the pump, the national average price for a gallon of unleaded gasoline dropped fractionally to $3.61 per gallon from Monday's price of $3.611 per gallon, AAA reported.
Source: United Press International
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