Oil prices up Thursday on supply concerns
Published: March 27, 2008 at 4:03 PM
NEW YORK, March 27 (UPI) -- Crude oil prices rose on the New York Mercantile Exchange Thursday on political and economic tensions.
Escalating violence in Iraq Thursday brought concerns that supplies may be in jeopardy and the weak position of the dollar, although it gained strength Thursday, pushed oil prices upward, The Wall Street Journal reported.
"It seems the markets are again being distracted by geopolitical factors and the weaker dollar," Edward Meir, an analyst at MF Global wrote recently, the paper reported.
Crude oil prices rose 41 cents Thursday to $107.16 per barrel.
Heating oil prices rose through the day, but dropped 0.008 cents in late trading to $3.1403 per gallon.
The price of reformulated blendstock gasoline fell 0.0003 cents in late trading to $2.716 per gallon.
Natural gas prices fell 0.048 cents to $9.530 per million British thermal units.
At the pump, the national average price for a gallon of unleaded gasoline reached $3.267 Thursday from Wednesday's price of $3.261, the AAA Daily Fuel Gauge Report said.
Escalating violence in Iraq Thursday brought concerns that supplies may be in jeopardy and the weak position of the dollar, although it gained strength Thursday, pushed oil prices upward, The Wall Street Journal reported.
"It seems the markets are again being distracted by geopolitical factors and the weaker dollar," Edward Meir, an analyst at MF Global wrote recently, the paper reported.
Crude oil prices rose 41 cents Thursday to $107.16 per barrel.
Heating oil prices rose through the day, but dropped 0.008 cents in late trading to $3.1403 per gallon.
The price of reformulated blendstock gasoline fell 0.0003 cents in late trading to $2.716 per gallon.
Natural gas prices fell 0.048 cents to $9.530 per million British thermal units.
At the pump, the national average price for a gallon of unleaded gasoline reached $3.267 Thursday from Wednesday's price of $3.261, the AAA Daily Fuel Gauge Report said.
© 2008 United Press International. All Rights Reserved.
This material may not be reproduced, redistributed, or manipulated in any form.
This material may not be reproduced, redistributed, or manipulated in any form.
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