Oil prices settle down

March 20, 2012 at 6:48 PM
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NEW YORK, March 20 (UPI) -- Crude oil prices dropped nearly $2.50 on the New York Mercantile Exchange Tuesday, unable to sustain a trading session peak near $108 per barrel.

Traders reacted to an announcement by the Saudi Arabian Council of Ministers that said it would work with Organization of Petroleum Exporting Countries members and unilaterally to make up for supply disruptions "to bring down oil prices to reasonable levels acceptable to ... producers and consumers and the petroleum industry," Arab News quoted the government as saying.

April delivery West Texas Intermediate light sweet crude lost $2.48 to reach $105.61 per barrel Tuesday.

Home heating oil added 0.23 cents to $3.239 per gallon. Reformulated gasoline shed 0.11 cents to $3.362 per gallon.

Henry Hub natural gas prices lost 1.3 cents to $2.322 per million British thermal units.

The national average price of unleaded gasoline reached $3.846 per gallon Tuesday, up from Monday's $3.842, AAA said.

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