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Gloom settles on oil market

June 22, 2012 at 4:24 PM   |   Comments

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NEW YORK, June 22 (UPI) -- Crude oil prices edged toward $80 per barrel in New York Friday, with traders wary about Chinese manufacturing data and worried about Europe's financial crisis.

Moody's Investors Service downgraded the credit ratings for 15 banks Thursday, contributing to the dour mood on Wall Street.

With prices near lows for the year, light sweet crude for August delivery added $1.56 to reach $79.76. Natural gas for July delivery gained 4.3 cents to hit $2.625 per million British thermal units. Home heating oil added 0.84 cents to $2.5337 per gallon.

Gasoline moved higher, adding 1.98 cents to reach $2.5699 a gallon.

At the pump, the national average price of unleaded gasoline dropped to $3.454 per gallon from Thursday's $3.472, AAA said.

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