Oil Prices Dip Slightly

Oil prices settled at $91.12 per barrel of benchmark grade crude on the New York Mercantile Exchange Wednesday, and other energy commodities fell as the East Coast worked to dig itself out from Monday’s snow storm.

Energy prices usually climb as the weather gets colder, but industry analysts say that most traders have locked in their energy contracts for the year, and investors still buying are looking ahead to 2011, The Associated Press reports.


Heating oil for January delivery fell less than a penny to $2.524 per gallon, gasoline for January delivery fell 1.47 cents to $2.3909 per gallon, and natural gas for February shed 3.1 cents at $4.257 per 1,000 cubic feet, AP reports.

At the pump, the national average price of unleaded gasoline was $3.061 per gallon, up 1.2 cents from Tuesday’s $3.049, AAA said.


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