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Crude oil hovers near $106

Feb. 22, 2012 at 5:51 PM   |   Comments

NEW YORK, Feb. 22 (UPI) -- Crude oil prices held near $106 a barrel Wednesday as the dollar index moved higher, gaining 0.1 percent to 79.20.

The index that measures the dollar against six major currencies has an inverse effect on the price of commodities that are traded in U.S. dollars. A weaker dollar usually makes those commodities more attractive to foreign buyers.

On the New York Mercantile Exchange, light, sweet, West Texas Intermediate crude hit a peak of $106.72 per barrel, before settling at $106.10 per barrel. Home heating oil shed 0.5 cents to $3.26 per gallon. Reformulated gasoline shed 0.39 cents to $3.2591 per gallon.

Henry Hub natural gas prices gained 0.9 cents to $2.652 per million British thermal units.

At the pump, the national average price of unleaded gasoline climbed nine-tenths of a cent to $3.579 per gallon Wednesday from Tuesday's $3.57, AAA said.

© 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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