Crude Oil Climbs Toward $80 Per Barrel

NEW YORK, Nov. 11 (UPI) — Crude oil prices climbed near $80 per barrel on the New York Mercantile Exchange Wednesday, as the dollar slid.

The dollar index dropped 0.2 percent MarketWatch reported. The index measures the dollar’s value compared to a host of other currencies.

In addition, gains in Asian economies are supporting crude oil prices, market analysts at Brown Brothers Harriman & Co. said.

In overnight trading, the price of light, sweet crude rose 86 cents to $79.91 per barrel. Heating oil prices added 0.0219 cents to $2.0742 per gallon. Reformulated gasoline prices rose 0.0188 cents to $1.9962 per gallon. The price of natural gas rose 0.001 cents to $4.468 per million British thermal units.

At the pump, the national average price of unleaded gasoline was $2.654 per gallon Wednesday, down from Tuesday’s $2.658, AAA said.

Copyright 2009 by United Press International

Categorized | Energy & Fuels, Natural Gas, Other
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