Crude Oil Prices Rise Slightly Tuesday
Posted on: Tuesday, 20 May 2008, 09:01 CDT
Crude oil prices rose in New York, a day after the Organization of Petroleum Exporting Countries said production levels wouldn't increase before September.
OPEC President Chakib Khelil, Algeria's minister of energy and mines, said the major exporting group would keep production at current levels.
Saudi Arabia recently increased production by 300,000 barrels a day, which had no discernible effect on crude oil prices.
On the New York Mercantile Exchange Tuesday, crude oil prices rose 26 cents to $127.31 per barrel. The price of heating oil rose 0.0189 cents to $3.694 per gallon. Reformulated blendstock gasoline prices rose 0.0029 cents to $3.2395 per gallon. Natural gas prices rose 0.006 cents to $10.96 per million British thermal units.
At the pump, the national average price for a gallon of unleaded gasoline reached a record $3.80 Tuesday, up from Monday's price of $3.794, AAA said. Some regions are reporting average gas prices more than $4 per gallon with prices averaging $4.07 a gallon in the Chicago area.
Source: United Press International
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