Oil scales USD 83 mark
Oil scales USD 83 mark Oil prices advanced further to register a new high on Thursday (September 20), overstepping the USD 83 a barrel mark. The rise was backed by a weak dollar; and weather concerns in the Gulf of Mexico which lead to good buying in the stocks. A weak dollar supported the oil prices by making futures cheaper for foreign investors. For the fourth straight session, oil prices on the New York Mercantile Exchange (NYMEX) hit a record high. Brent crude rose 62 cents, to settle at USD 79.09 a barrel on London`s ICE Futures exchange. October gasoline rose 4.17 cents, to settle at USD 2.1351 a gallon. Heating oil futures rose 1.56 cents, to settle at USD 2.2609 a gallon. But natural gas fell 17.2 cents, to settle at USD 6.008 per 1,000 cubic feet. At the pump, retail gas prices are still not reacting much to record oil prices. Overnight, the average national price of a gallon of gas rose 0.1 cents, to USD 2.791.
Light, sweet crude for October delivery gained USD 1.39, to finish at USD 83.32 a barrel, after rising as high as USD 83.90 in intraday trading.
