Crude Oil Prices Climb
Posted on: Thursday, 21 August 2008, 18:00 CDT
Crude oil prices jumped Thursday, gaining on political tension and a declining dollar.
The dollar fell to $1.4897 against the euro, but pressure also came from tensions after Poland agreed to allow the United States to install a military defense system there, The Wall Street Journal reported.
Russia's angry response rippled through energy markets, as Russia is a major gas supplier for former Soviet bloc and European countries.
On the New York Mercantile Exchange, oil rose $5.96 to $121.61 per barrel. Heating oil prices rose 0.1359 cents to $3.086 per gallon. Reformulated blendstock gasoline prices rose 0.135 cents to $3.05 per gallon. Natural gas prices rose 0.184 cents to $8.281 per million British thermal units.
The national average retail price of unleaded regular gasoline fell 0.015 cents from Wednesday's price to $3.702 per gallon, the AAA Daily Fuel Gauge Report said.
Source: United Press International
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