Crude Oil Tops $118 in Another Slow Day
Posted on: Wednesday, 27 August 2008, 18:00 CDT
Crude oil prices closed at $118.27 a barrel Wednesday as the oil rally cooled a bit despite storm concerns in the Gulf of Mexico.
Tropical Storm Gustav continued on its path toward the gulf, home to a quarter of U.S. oil production. The storm, still a long a way off, slammed Haiti, killing 11, and is drawing comparisons to Hurricane Katrina.
The National Hurricane Center expects that Gustav will intensify to a Category 3 hurricane and make its way toward landfall around Louisiana and Mississippi over the next few days.
Natural gas was up .18 cents at $8.57 per million British thermal units.
Heating oil was up 5.31 cents at326.59 cents a gallon. Refurbished gas rose 10.67 cents at 307.60 cents a gallon.
U.S. motorists were paying an average of $3.667 for a gallon of regular unleaded gasoline, down from $3.672, the AAA said in its fuel gauge report.
Source: United Press International
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