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Crude oil prices back above $70 per barrel

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Published: Dec. 15, 2009 at 6:40 PM
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NEW YORK, Dec. 15 (UPI) -- Crude oil prices climbed above $70 per barrel Tuesday on the New York Mercantile Exchange after nine days of declines.

Prices shifted lower a step behind stock prices, which slumped after Dubai's investment organization Dubai World said in late November it would need to restructure a $59 billion debt. Concurrently, the dollar has gained strength, putting downward pressure on oil prices.

On Tuesday, the price of light, sweet crude added $1.34 cents to $70.85 per barrel. Heating oil prices rose 0.0112 cents to $1.9145 per gallon. Reformulated gasoline prices added 0.007 cents to $1.8521 per gallon. Natural gas prices rose 0.012 cents to $5.535 per million British thermal units.

At the pump, the national average price of unleaded gasoline dropped to $2.598 per gallon Tuesday from Monday's $2.603, AAA said.

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