Crude Oil Reacts To Equity Drama
August 9, 2011 by UPI - United Press International, Inc.
NEW YORK, Aug. 9 (UPI) — Crude oil prices climbed above $81 per barrel in New York, after hitting a 10-month low Monday with prices mirroring the volatility on Wall Street.
On the New York Mercantile Exchange, crude oil added 57 cents to reach $81.88 per barrel after dropping 7 percent earlier as markets reacted to Standard & Poor’s downgrade of the U.S. credit rating from Triple A to AA plus.
Home heating oil rebounded slightly, adding 1.74 cents to $2.8191 per gallon. Reformulated blendstock gasoline gained 3.54 cents to $2.727 per gallon.
Henry Hub natural gas added 1.6 cents to reach $3.951 per million British thermal units.
At the retail level, the national average price of unleaded gasoline fell to $3.652 per gallon from Monday’s $3.663, AAA said.