Oil prices top $70 but fall back

NEW YORK, June 28 (UPI) -- U.S. crude oil touched $70.50 a barrel on the New York Mercantile Exchange Thursday before closing up 60 cents at $69.57.

The $70 figure was the highest intraday oil price level since Sept. 11, 2006.

July reformulated gasoline closed up 1.21 cents at $2.2667 a gallon while July heating oil finished at $2.0183 a gallon, down 0.63 cents after an earlier rise to $2.042.

August natural gas closed down 42.8 cents at $6.655 per million British thermal units. It traded as low as $6.575, the contract's weakest level since late May of 2005.

Regular unleaded gasoline remained steady at an average of $2.975 a gallon for the third straight day, the AAA Daily Fuel Gauge Report said.