Crude prices dip slightly, remain high

Feb. 12, 2008 at 4:54 PM
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NEW YORK, Feb. 12 (UPI) -- Crude oil prices fell slightly on the New York Mercantile Exchange Tuesday despite a threat by Venezuela to cut off supplies to the United States.

On Friday, Exxon Mobile Corp. secured a court order to freeze $12 billion of Petroleos de Venezuela's foreign assets, prompting the Venezuelan government to issue warnings it would cut supplies to the United States if forced into an "economic war."

Late afternoon trading brought the price per barrel to $92.55 on the exchange, down 23 cents.

Heating oil prices dropped 0.27 cents to $2.3601 per gallon.

The price of reformulated gasoline blendstock fell 0.79 cents to $2.3601 per gallon.

Natural gas prices declined 4.7 cents to $8.389 per million British thermal units.

At the pump, the average price for a gallon of regular unleaded gasoline in the United States jumped to $2.961 Tuesday, up from Monday's price of $2.953 the AAA Daily Fuel Gauge Report said.

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