NEWS

Recommended Sites

Search the Web

Contact Us
Privacy Policy



Powered By:
USGuides.net


ShareThis
Crude oil prices catch an updraft     (Business News)
01/26/2011 04:24 P (EST)
NEW YORK, Jan. 26 (UPI) -- Crude oil prices turned higher in New York Wednesday, topping $87 per barrel as the dollar index dropped 0.24 percent.

The U.S. Federal Reserve gave markets a boost by announcing it would maintain overnight lending rates at zero to 0.25 percent and continue with a $600 billion program to purchase long-term securities.

Crude oil prices caught the updraft after five consecutive trading sessions. On the New York Mercantile Exchange, March delivery light, sweet crude oil gained $1.45 to $87.64 per barrel. Home heating oil prices gained 8.3 cents to $2.6796 per gallon. Reformulated blendstock gasoline prices added 8.98 cents to $2.4604 per gallon. Henry Hub natural gas prices lost 0.9 cents to $4.481 per million British thermal units.

At the pump, the national average price of unleaded gasoline dropped to $3.106 from Tuesday's $3.11, AAA said.