Crude prices gain modestly Monday

July 21, 2008 at 4:11 PM
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NEW YORK, July 21 (UPI) -- Crude oil traded slightly higher by close of trading Monday, up 0.56 cents to $131.60 per barrel on the New York Mercantile Exchange.

Analysts said upward pressure on crude oil prices is coming from tension over Iran's nuclear program and from Tropical Story Dolly, which threatens to disrupt production and shipping in the Gulf of Mexico.

Heating oil also gained, up 0.0166 cents in late trading to $3.7645 per gallon. Reformulated blendstock gasoline gained 0.0142 cents to $3.2313 per gallon. Natural gas prices also rose Monday, up 0.068 cents to $10.578 per million British thermal units.

At the pump, the average price for a gallon of unleaded gasoline nationwide Monday was $4.069, compared to $4.105 reported Friday by the AAA's Daily Fuel Gauge Report.

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