Crude oil prices break out of pattern

NEW YORK, Oct. 19 (UPI) --

Crude oil prices settled over the weekend, but have broken out of a month-long pattern, hovering above $78 per barrel on the New York Mercantile Exchange.

The price of light, sweet crude jumped $6.76 last week as investors found renewed strength in equities, the Dow Jones industrial average breaking 10,000 points for the first time in a year. For the previous month, prices had stalled between $65 and $72 per barrel.

Crude oil prices eased back 13 cents Friday to Monday to $78.40 per barrel. Heating oil prices lost 0.0022 cents to $2.0275 per gallon. Reformulated gasoline prices dropped 0.0087 cents to $1.9706 per gallon. Natural gas prices gained 0.013 cents to $4.794 per million British thermal units.

At the pump, the national average price for unleaded gasoline was $2.564 per gallon Monday, up from Sunday's $2.547, AAA said.


Copyright 2009 by United Press International
All Rights Reserved.

Times of the Internet, now in Spanish


Published: Monday 19th of October 2009 09:35:46 AM
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