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Crude oil heads higher

Nov. 22, 2011 at 6:58 PM   |   Comments

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NEW YORK, Nov. 22 (UPI) -- Crude oil prices rebounded in New York Tuesday, heading toward $98 per barrel, while temperatures turned colder in the Northeast.

Political concerns also influenced the market as traders focused on tensions involving Iran's nuclear program, which could lead to supply disruptions.

On the New York Mercantile Exchange Tuesday, West Texas Intermediate crude oil for January delivery added $1.57 to $97.74 per barrel. Home heating oil prices shed 0.51 cents to $3.0295 per gallon. Reformulated blendstock gasoline lost 1.45 cents to $2.5505 per gallon.

Henry Hub natural gas prices lost 0.3 cents to reach $3.412 per million British thermal units.

At the pump, the national average price of unleaded gasoline dropped to $3.34 per gallon from Monday's $3.351, AAA said.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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