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Gloom Settles On Oil Market

NEW YORK, (UPI) — Crude oil prices held under $79 per barrel in New York Friday, with traders wary about Chinese manufacturing data and worried about Europe’s financial crisis.

Moody’s Investors Service downgraded the credit ratings for 15 banks Thursday, contributing to the dour mood on Wall Street.

With prices near lows for the year, West Texas Intermediate crude for August delivery added 65 cents to reach $78.85. Natural gas for July delivery gained 3.4 cents to hit $2.616 per million British thermal units. Home heating oil added 0.86 cents to $2.5317 per gallon.

Gasoline moved higher, adding 1.91 cents to reach $2.4711 a gallon.

At the pump, the national average price of unleaded gasoline dropped to $3.454 per gallon from Thursday’s $3.472, AAA said.

UPI - United Press International, Inc.

Since 1907, United Press International (UPI) has been a leading provider of critical information to media outlets, businesses, governments and researchers worldwide.

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