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Crude oil holds above $82

A Shell gasoline station displays prices exceeding three dollars per gallon in Chicago on July 15, 2009. UPI Photo/Brian Kersey)
A Shell gasoline station displays prices exceeding three dollars per gallon in Chicago on July 15, 2009. UPI Photo/Brian Kersey) | License Photo

NEW YORK, Aug. 4 (UPI) -- Crude oil prices held above $82 per barrel Wednesday on the New York Mercantile Exchange, establishing a new plateau despite sluggish spending.

The Commerce Department said Tuesday consumer spending and incomes were virtually flat in June. Stock markets slumped slightly, but crude oil prices headed higher, breaking the $80 barrier for the first time in three months and staying there Wednesday.

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The price of light, sweet crude oil for September delivery peaked at $82.85 before dropping back to $82.39 per barrel in afternoon trading.

Prices were supported by a drop in the dollar index, which fell Monday and Tuesday.

September contract No. 2 heating oil prices lost 0.0017 cents to reach $2.2005 per gallon. Reformulated blendstock gasoline for September delivery shed 0.0015 cents to settle at $2.1735 per gallon.

Henry Hub natural gas prices for September lost 0.01 cents to $4.727 per million British thermal units.

At the pump, the national average price for a gallon of unleaded gasoline jumped Tuesday to Wednesday, adding 2.1 cents to $2.747 per gallon, AAA said.

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