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Oil climbs Tuesday

Feb. 21, 2012 at 5:55 PM   |   Comments

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NEW YORK, Feb. 21 (UPI) -- Crude oil prices rose close to $106 a barrel Tuesday after finance leaders in Europe agreed on a $172 billion bailout loan for Greece.

Without the bailout, Greece would have gone into default in late March, which would have thrown the eurozone financial system into chaos.

Tension in the Middle East over Iran's alleged nuclear weapons program is also pushing prices higher.

On the New York Mercantile Exchange, light, sweet, West Texas Intermediate crude added $2.27 to $105.87 per barrel, up 2.2 percent. Home heating oil added 2.09 cents to $3.2275 per gallon. Reformulated gasoline gained 5.65 cents to $3.2250 per gallon.

Henry Hub natural gas prices lost 7.1 cents to $2.65 per million British thermal units.

At the pump, the national average price of unleaded gasoline climbed half a cent to $3.570 per gallon Tuesday from Monday's $3.565, AAA said.7

© 2012 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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