News Column

Crude Oil Holds Near $112

April 26, 2011

Crude oil prices held close to $112 per barrel overnight in New York after Ford Motor Co. said it made a $2.6 billion profit in the first quarter.

The company's financial report is unlikely to change the oil market in the short term, but the company has shifted its focus to include smaller, more fuel-efficient cars, The New York Times reported. If Ford proves making small cars can be profitable, it could accelerate an industry shift toward producing more economy cars that use less gas than pickup trucks and SUVs.

On the New York Mercantile Exchange, June delivery West Texas Intermediate crude oil peaked overnight at $112.64 per barrel, but recently settled down to $111.94. Home heating oil prices added 1.54 cents to reach $3.1974 per gallon. Reformulated blendstock gasoline prices gained 2.59 cents to $3.3488 per gallon.

Henry Hub natural gas prices lost 1.5 cents to reach $4.374 per million British thermal units.

At the retail level, the national average price of unleaded gasoline at the pump rose to $3.869 per gallon from Monday's $3.863, AAA said.

Source: Copyright United Press International 2011

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