Crude oil prices gained early Tuesday to more than $91 a barrel on the New York Mercantile Exchange as an apparent safer investment than tumbling stocks.

People are absolutely in near panic and everybody wants to keep money in cash, Bill O'Neill, an analyst at Logic Advisors told The Wall Street Journal.

Crude oil prices, near their low for the year, rose overnight to $91.17 per barrel, up $3.36. Heating oil prices gained 0.059 cents to $2.533 per gallon. Reformulated blendstock gasoline rose 0.0519 cents to $2.111 per gallon. Natural gas prices also rose, up 0.75 cents to $6.91 per million British thermal units.

At the pump, the average price for a gallon of regular unleaded gasoline was $3.48 Tuesday, down from Monday's $3.504 a gallon, AAA said.

Copyright 2008 by United Press International


Publication date: 07 October 2008   

Source: UPI-1-20081007-08272600-bc-us-energyprices.xml

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