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Energy commodities ease back Thursday

Published: May 22, 2008 at 4:02 PM
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  • Energy commodities ease back Thursday
NEW YORK, D.C., May 22 (UPI) -- The price of crude oil broke from its upward cycle Thursday, settling down as Saudi Arabia announced it would increase production through June 7.

The Organization of Petroleum Countries said it would maintain current production levels until its September meeting, but Saudi Arabia broke ranks, saying it would pump 360,000 more barrels per day.

Crude oil prices peaked above $135 per barrel Thursday, but lost nearly $5 by the day's close, setting at $130.66 per barrel on the New York Mercantile Exchange.

Other energy commodities followed suit.

The price of heating oil fell 0.0063 cents in late trading to $3.948 per gallon. Reformulated blendstock gasoline prices fell 0.0058 cents to $3.3239 per gallon. Natural gas prices declined 0.004 cents to $11.693 per million British thermal units.

At the pump, the national average price for a gallon of unleaded regular gasoline reached a record $3.831, up from Wednesday's price of $3.807, AAA said.



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