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Crude oil regains traction

Jan. 5, 2011 at 7:02 PM
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NEW YORK, Jan. 5 (UPI) -- February delivery crude oil resumed an upward trend Wednesday, prices rising above $90 per barrel in New York after a two-day retreat from a two-year high.

Commodities fell soundly in the previous trading session as traders returned from vacations and reset their positions. The two-year peak, at $92.58 on the New York Mercantile Exchange, was not exactly an anomaly, given the 6 percent price rise in December. But it was supported by two-weeks of light trading before and following the Christmas holiday.

On Wednesday, after an early dip, February contract crude oil added $1.06 to $90.44 per barrel. Heating oil prices gained 4.1 cents to $2.5475 per gallon. Reformulated blendstock gasoline added 3.95 cents to $2.4535 per gallon. Henry Hub natural gas prices dropped 17.9 cents to $4.49 per million British thermal units.

At the pump, the national average price of unleaded gasoline was $3.077 per gallon, up from Tuesday's $3.073, AAA said.

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