NEW YORK, June 30 (UPI) -- Crude oil prices settled lower Monday afternoon after a record-setting morning session on the New York Mercantile Exchange.
With the dollar weak, speculators using oil as a hedge against inflation helped drive oil prices to a record $143.67 per barrel Monday morning.
"The main factors behind the rise today are the U.S. dollar remains fragile and geopolitical tensions, particularly surrounding Iran," commodity analyst David Moore of the Commonwealth Bank of Australia told The Wall Street Journal.
On the exchange, crude oil prices fell in the afternoon to $140.32, down $3.35 per barrel. The price of heating oil fell 0.0155 cents in late trading to $3.8899 per gallon. Reformulated blendstock gasoline prices fell 0.0155 cents to $3.486 per gallon. Natural gas prices rose 0.029 cents to $13.382 per million British thermal units.
At the pump, the national average price for a gallon of unleaded gasoline rose 0.007 cents to $4.086 per gallon, AAA said.