Crude oil prices rise as dollar falls

NEW YORK, Sept. 22 (UPI) -- Crude oil prices headed higher Wednesday in New York, breaking back above $74 per barrel as the U.S. dollar continued to weaken.

The dollar index dropped 1.16 percent Tuesday and was recently down 0.8 percent. The dollar index, which measures the dollar against six major currencies, has been in decline since early June, when the index measured its high for the year at 88.575. On Tuesday, the index, which found a brief respite in late August, fell to 79.719.

Oil traders took their cue from the decline, pushing November delivery light, sweet crude to up 9 cents to $74.78 per barrel. Heating oil prices added 0.0036 cents to $2.1286 per gallon. Reformulated blendstock gasoline prices added 0.0031 cents to $1.9044 per gallon. Henry Hub natural gas prices gained 0.025 cents to $3.986 per million British thermal units.

At the pump, the national average price of unleaded gasoline was $2.721 per gallon Wednesday, down one cent from Tuesday's $2.731, AAA said.