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Mubarak resignation eases pressure on oil

Feb. 11, 2011 at 6:03 PM
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NEW YORK, Feb. 11 (UPI) -- Crude oil prices slipped under $86 per barrel Friday in New York, as tensions in Egypt eased with an announcement President Hosni Mubarak would resign.

Crude prices had been inflated for more than two weeks on fears civil unrest in Egypt could severely disrupt oil supplies from the Middle East.

With Mubarak's resignation March delivery light, sweet crude oil lost $1.24 cents to $85.49 per barrel on the New York Mercantile Exchange. Home heating oil shed 0.17 cents to $2.709 per gallon. Reformulated blendstock gasoline prices added 1.52 cents to $2.485 per gallon.

Henry Hub natural gas prices lost 8.9 cents to $3.897 per million British thermal units.

At the pump, the national average price of unleaded gasoline rose Friday to $3.127 per gallon from Thursday's $3.119, AAA said.

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