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Crude oil settles under $107

Aug. 19, 2013 at 8:18 AM   |   Comments

NEW YORK, Aug. 19 (UPI) -- Crude oil for October settled under $107 per barrel in New York Monday morning, although the market is beset by supply-side issues.

Civil unrest in Egypt, strikes in Libya and the onset of hurricane season are supporting the bull's position.

A stronger dollar, stumbling equities and less than robust economic data are supporting the bears.

On the New York Mercantile Exchange, West Texas Intermediate crude shed 51 cents to reach $106.78 per barrel. Reformulated blendstock gasoline added 0.38 cents to reach $2.9713 per gallon. Home heating oil gained 0.38 cents, as well, to reach $3.0869 per gallon.

Natural gas added 8.1 cents to $3.3449 per million British thermal units.

At the pump, the national average price for a gallon of unleaded regular gasoline was $3.538, down from Sunday's $3.54, the AAA Fuel Gauge report said.

© 2013 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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