Crude oil hits $88

Dec. 18, 2012 at 7:39 PM

NEW YORK, Dec. 18 (UPI) -- Crude oil prices hit $88 per barrel in New York Tuesday as the dollar index fell 0.29 percent.

West Texas Intermediate crude oil for January delivery added 80 cents to $88 per barrel, with traders focused on budget talks in Washington.

A new budget in place before Jan. 1 would avert the so-called "fiscal cliff," a combination of spending cuts and tax hikes that economist say would push the U.S. economy back into a recession.

On the New York Mercantile Exchange, home heating oil for January added 5.41 cents to $3.0004 a gallon. Reformulated blendstock gasoline gained 3.83 cents to $2.6929 a gallon.

Natural gas prices added 4.3 cents to $3.394 per million British thermal units.

At the pump, AAA reported a national average price for regular unleaded gasoline at $3.236 per gallon, down from Monday's $3.248.

Related UPI Stories
Latest Headlines
Trending Stories
N.H. primary polls open: Kasich, Sanders get early leads
5 Reasons why Denver Broncos won't be repeat champions
U.N. report: Syria's Assad guilty of 'inhuman' crimes, gruesome torture, deaths
On heels of E. coli outbreaks, Chipotle spending millions for new ingredient safeguards
Hugh Jackman shows photo of his latest skin cancer treatment