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Crude oil holds near $95

June 16, 2011 at 7:15 PM   |   Comments

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NEW YORK, June 16 (UPI) -- Crude oil prices remained battered by market uncertainty Thursday, with July contract futures holding near $95 per barrel in New York.

Oil prices stayed suppressed as China said this week it would raise the limit on reserves held by banks to slow lending and tamp down inflation. Also weighing on oil prices was concern in Europe over Greek debt that has rattled financial markets. European leaders are scheduled to meet in Brussels Monday to consider a second round of international aid.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for July peaked overnight at $95.75 before settling at $95.16 per barrel. Home heating oil added 0.86 cents to reach $3.0124 per gallon. Reformulated blendstock gasoline added 0.31 cents to $2.9525 per gallon. Henry Hub natural gas prices gained 2.9 cents to $4.441 per million British thermal units.

At the pump, the national average price of unleaded gasoline dropped to $3.685 per gallon from Wednesday's $3.689, AAA said.

© 2011 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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