Crude Oil, Products Edge Back Up
July 12, 2005
The price of high-quality crude oil rose Tuesday to $59.49 per barrel on the New York Mercantile Exchange.
A comparable barrel of crude oil for August delivery increased in London to $57.39.
Product prices followed crude upwards.
Heating oil futures for August increased nearly 80 percent to $1.695 per gallon, and unleaded gasoline rose nearly 30 percent to $1.737 per gallon.
Much of the increase was renewed concern about more supply disruptions in the Gulf of Mexico because of bad weather.
Also, traders were bracing for a widely watched oil and gas inventory report to be issued Wednesday by the U.S. Energy Department.