Crude Oil Price: Second Record in Two Days
Posted on: Tuesday, 2 August 2005, 18:00 CDT
The cost of high-quality crude oil slipped early Tuesday after reaching a nominal record the day before, but then rose to set another record.
A barrel of light, low-sulfur crude changed hands on the New York Mercantile Exchange for $61.89 per barrel. In London, a similar high-quality crude settled down at $60 per barrel.
The commodity hit $62.30 Monday on news of the death of Saudi Arabia's King Fahd. But an apparently smooth succession to his half-brother, and assurances that Fahd's death presaged no changes in the kingdom's energy policies, soothed traders' worries.
Product prices rose. Heating oil for September delivery crept up to $1.7255 per gallon, and gasoline rose 3.29 cents to $1.78 per gallon.
Natural gas also increased to $8.378 per million Btu.
Source: United Press International
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