Crude oil prices close lower on debt frets

July 18, 2011 at 3:38 PM
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NEW YORK, July 18 (UPI) -- Crude oil prices fell Monday on the New York Mercantile Exchange on frets about the U.S. debt limit and the eurozone debt crisis, settling at $95.93 a barrel.

Prices lost $1.31 a barrel during the day's trading session.

A debt-ceiling debate in Washington -- with an Aug. 2 deadline looming before the country defaults on its obligations -- and the European sovereign-debt crisis were the chief reasons oil prices' retreated, Matt Smith, an oil analyst with Summit Energy in Kentucky, told

Other energy products traded lower Monday as well.

Gasoline dropped 3 cents to settle at $3.10 a gallon.

Home heating oil lost 4 cents to $3.08 a gallon.

Natural gas was basically flat, settling at $4.55 per million British thermal units.

At the pump, the average price for a gallon of regular unleaded gasoline Monday was 3.676, up from Friday's average price of $3.667, AAA reported.

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