Oil Prices Lower As Hurricane Threat Fades
Posted on: Wednesday, 23 July 2008, 09:01 CDT
The price of crude oil was off by more than $2 to $126.37 a barrel Wednesday on the New York Mercantile Exchange.
While major energy commodities all began the day lower, analysts point to the fading threat from Hurricane Dolly on energy equipment in the Gulf of Mexico as the reason for lower prices for crude oil and natural gas, The Wall Street Journal reported.
The price for a barrel of crude oil was $126.37, down $2.05, during morning trading. Natural gas was trading for $9.949 per million British thermal units, a drop of 0.118 cents.
Heating oil was down 0.0582 cents at $3.6200 per gallon. Gasoline was selling for $3.0906 per gallon, off 0.0564 cents.
The AAA Daily Fuel Gauge Report indicated the average price for a gallon of unleaded regular gasoline at the pump was $4.042 Wednesday, down from an average $4.055 reported on Tuesday.
Source: United Press International
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