Crude oil tests $85

June 6, 2012 at 6:49 PM

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.

Related UPI Stories
Latest Headlines
Trending Stories
Vatican: Bishops not required to report abuse
Former military doctors call for end to live tissue training
Nicola Griffin to appear in Sports Illustrated swimsuit issue at 56
Slovenian town plans public beer fountain
Congressional Black Caucus to endorse Clinton after N.H. primary loss to Sanders