Oil Prices Down Amid Hurricane Watch
August 26, 2008
Crude oil prices slipped to $113.30 a barrel overnight Tuesday trading at the New York Mercantile Exchange but traders kept close watch on Hurricane Gustav.
As the storm grew in intensity there was concern that the oil and natural gas operations in the Gulf of Mexico could be disrupted.
Crude futures were down $1.81, or 1.57 percent, to $113.30 a barrel early Tuesday. Prices closed Monday at $115.11 after a slow day.
Natural gas was up 18 cents to $8.01 per million British thermal units.
Heating oil was down 2.70 cents to $3.1244 a gallon and reformulated gas was down 4.09 cents to $2.8414 a gallon.
The average price in the United States for a gallon of regular unleaded gasoline was $3.672, down a tad from $3.681, the AAA reported.