Business News - Oil prices reach record Thursday morning

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Oil prices reach record Thursday morning

NEW YORK (UPI) -- Crude oil prices broke the $145 mark Thursday morning on the New York Mercantile Exchange on supply concerns and a weak dollar.

The U.S. Energy Information Administration said Wednesday U.S. stockpiles had declined by 2 million barrels in the week ending June 27. Investors also anticipate a European Central Bank announcement on interest rates later today that could push the dollar into a weaker position.

On the exchange, crude oil prices gained $1.60 to a record $145.17 per barrel Thursday morning. The price of heating oil rose 0.0527 cents to $4.1242 per gallon. Reformulated blendstock gasoline prices rose 0.0322 cents to $3.5816 per gallon. Natural gas prices rose 0.123 cents to $13.512 per million British thermal units.

At the pump, the national average price for a gallon of unleaded gasoline was up 0.006 cents to $4.098 per gallon, AAA said.

Copyright 2008 by United Press International

This news arrived on: 07/03/2008

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