Crude oil prices seek a rebound

April 28, 2010 at 5:48 PM
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NEW YORK, April 28 (UPI) -- Crude oil prices climbed to more than $83 per barrel Wednesday on the New York Mercantile Exchange after a sharp downward correction Tuesday.

Standard & Poor's downgraded Greek bonds to junk status Tuesday, triggering a slide on equity markets and in commodities prices. Crude oil prices dropped more than $2 per barrel in the previous session, as the Dow Jones industrial average lost nearly 2 percent.

On Wednesday, prices began to seek higher ground.

Crude oil prices for June delivery regained some of the lost territory, adding 79 cents to a recent settlement to $83.23 per barrel. Heating oil prices for June lost 0.0051 cents to $2.25 per gallon. Reformulated gasoline blendstock prices for June added 0.0006 cents, $2.329 per gallon. Henry Hub natural gas prices for June added 0.022 cents to $4.337 per million British thermal units.

At the pump, the national average price for unleaded gasoline was $2.869 per gallon Wednesday, up from Tuesday's $2.858, AAA said.

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