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Crude oil tests $85

June 6, 2012 at 6:49 PM   |   Comments

NEW YORK, June 6 (UPI) -- Oil prices climbed overnight, topping $85 per barrel in New York Wednesday in an upswing that is not expected to last.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for July delivery added $1.30 to $85.59 per barrel.

An investment note from Kase and Co. Inc., said $82.60 would be the top end of a market correction, "and that the move down will continue sooner than later."

Taking a long view, "As expected a correction of the down move is under way," the note said. Prices "could reach $86.80 and higher before the move down continues," the note predicted.

Natural gas for July delivery added 0.1 cents to $2.422 per million British thermal units.

Home heating oil added 0.92 cents to $2.6809 per gallon.

RBOB gasoline futures for July delivery added 0.82 cents to $2.6985 per gallon.

At the pump, the national average price of unleaded gasoline dropped a half cent to $3.565 per gallon 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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