Crude Oil Prices Continue Declining
Posted on: Tuesday, 6 September 2005, 12:00 CDT
Global energy prices continued falling Tuesday as the Gulf of Mexico oil and natural gas industry began recovering from Hurricane Katrina.
The price of a barrel of high-quality crude oil for October delivery fell 19 cents Tuesday to $67.38 on the New York Mercantile Exchange.
The decline follows a $2 a barrel drop Friday to close at four-session low.
Pipelines began moving crude oil and products Tuesday, and larges amounts of gasoline entered the Atlantic Ocean headed for U.S. ports.
Gasoline followed crude oil down, hitting $2.172 per gallon, and heating oil was off a few pennies to $2.09 per gallon.
But natural gas edge up, changing hands for $11.775 per million Btu.
Source: United Press International
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