Business News - Crude oil reports loss

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Crude oil reports loss

NEW YORK (UPI) -- Oil futures which have been gaining slowly but steadily as Tropical Storm Gustav headed for the Gulf of Mexico, reported a loss in midday readings.

Prices were down 75 cents at $117.40 a barrel on the New York Mercantile Exchange.

Traders meanwhile kept a wary eye on the gulf region where one weather research firm predicted as much as 80 percent of the gulf's oil and gas production may be shut down as a precaution.. Royal Dutch Shell was reported among the firms evacuating staff members.

Natural gas prices were up 0.06 cents to $8.67 per million British thermal units early Thursday.

Heating oil climbed 0.70 cents to $3.2637 a gallon. Reformulated gas was up 1.03 cents to $3.0775 a gallon.

At the pump, U.S. motorists paid an average of $3.660 for a gallon of regular unleaded gasoline, slightly lower than Wednesday's $3.667.

Copyright 2008 by United Press International

This news arrived on: 08/28/2008

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