facebook
twitter
search
search

Crude oil prices close lower on debt frets

July 18, 2011 at 3:38 PM
| License Photo

NEW YORK, July 18 (UPI) -- Crude oil prices fell Monday on the New York Mercantile Exchange on frets about the U.S. debt limit and the eurozone debt crisis, settling at $95.93 a barrel.

Prices lost $1.31 a barrel during the day's trading session.

A debt-ceiling debate in Washington -- with an Aug. 2 deadline looming before the country defaults on its obligations -- and the European sovereign-debt crisis were the chief reasons oil prices' retreated, Matt Smith, an oil analyst with Summit Energy in Kentucky, told MarketWatch.com.

Other energy products traded lower Monday as well.

Gasoline dropped 3 cents to settle at $3.10 a gallon.

Home heating oil lost 4 cents to $3.08 a gallon.

Natural gas was basically flat, settling at $4.55 per million British thermal units.

At the pump, the average price for a gallon of regular unleaded gasoline Monday was 3.676, up from Friday's average price of $3.667, AAA reported.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
B-52 bombers demo long reach of U.S. air power
Army orders tactical trucks from Oshkosh
Reddit CEO Ellen Pao offers to improve communication in wake of firing scandal
Raytheon wins IDIQ contract for Army sensor systems
Oil markets hammered by Greece, Iran and China