Oil prices climb out of trough

Aug. 11, 2011 at 5:54 PM
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NEW YORK, Aug. 11 (UPI) -- Crude oil prices climbed 3.3 percent Thursday to $85.66 per barrel in New York as equities rebounded and the dollar index shed 0.31 percent.

The Dow Jones industrial average posted a 4 percent gain in a wild week on Wall Street triggered by the first-ever downgrade of the U.S. credit rating by S&P from AAA to AA+.

The U.S. Energy Information Administration said stockpiles of crude oil declined 5.2 million barrels to 349.8 million in the week ending last Friday. But jitters over a stalled global recovery, including slower growth in China and debt concerns in Europe and the United States, are putting pressure on oil prices.

On the New York Mercantile Exchange, West Texas Intermediate crude oil added $2.75 to pull away from a recent trough. Home heating oil lost 0.39 cents to $2.8953 per gallon. Reformulated blendstock gasoline prices gave up 0.49 cents to $2.8224 per gallon.

Henry Hub natural gas prices gained 1.12 cents to $4.108 per million British thermal units.

At the pump, the national average price of unleaded gasoline dropped to $3.62 per gallon from Wednesday's $3.637, AAA said.

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