Energy Prices Fall on Peace Prospects
Posted on: Monday, 27 February 2006, 09:00 CST
Natural gas and crude oil prices on the New York Mercantile Exchange fell Monday after news from the Middle East about easing tensions.
Prices for high-quality crude for April delivery fell 78 cents, or 1.2 percent, to $62.13 per barrel, and natural gas was off 20.4 cents, or 2.8 percent, to $7.109 per million Btu.
That's the lowest price seen for that contract since early June, MarketWatch said.
Gasoline dropped 3.2 cents, or 2.1 percent, to $1.5186 a gallon, while heating oil shed 3.02 cents, or 1.8 percent, to $1.6965 a gallon.
Much of the decline was laid at the feet of news that Iran and Russia had reached a deal on nuclear energy production.
Source: United Press International
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