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U.S. markets recover from steep losses
NEW YORK, July 20 (UPI) -- Oil prices closed at a two-week high just under $64 a barrel in New York Monday, bolstered by global stock rallies and a falling U.S. dollar.
Light, sweet crude for August delivery gained 42 cents, or 0.7 percent, to settle at $63.98 a barrel on the New York Mercantile Exchange, its highest settlement since July 6.
Oil has gained 43 percent this year.
The August contract expires Tuesday and more trading was in the September contract, which settled up 71 cents, or 1.1 percent, at $65.29 a barrel.
Brent crude on the ICE futures exchange settled $1.06, or 1.6 percent, higher at $66.44 a barrel.
Natural gas for August delivery rose 2 cents, or 0.5 percent, at $3.689 per 1,000 cubic feet amid speculation exploration cuts will reduce production later this year.
Gas is down 34 percent this year.
August heating oil settled up 4.84 cents, or 3 percent, at $1.6894 a gallon.
Reformulated gasoline blendstock, or RBOB, settled 1.95 cents, or 1.1 percent, higher at $1.7894 a gallon.
AAA said the average U.S. retail price for regular unleaded gasoline was $2.465 a gallon, down 0.03 cents from Sunday's $2.468 a gallon.
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