News Column

Crude Settles Below $107

August 19, 2013
oil well
Oil pump (file photo)

Crude oil for October settled under $107 per barrel in New York Monday morning, although the market is beset by supply-side issues.

Civil unrest in Egypt, strikes in Libya and the onset of hurricane season are supporting the bull's position.

A stronger dollar, stumbling equities and less than robust economic data are supporting the bears.

On the New York Mercantile Exchange, West Texas Intermediate crude shed 51 cents to reach $106.78 per barrel. Reformulated blendstock gasoline added 0.38 cents to reach $2.9713 per gallon. Home heating oil gained 0.38 cents, as well, to reach $3.0869 per gallon.

Natural gas added 8.1 cents to $3.3449 per million British thermal units.

At the pump, the national average price for a gallon of unleaded regular gasoline was $3.538, down from Sunday's $3.54, the AAA Fuel Gauge report said.




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Source: Copyright UPI 2013


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