NEW YORK, May 17 (UPI) — Crude oil prices moved close to $98 per barrel Tuesday in New York as oil prices rebounded modestly from nearly two weeks of declines.

The New York Federal Reserve said Monday its headline index measuring Empire State manufacturing showed slower growth in May than in April. On Tuesday, the Department of Commerce said the number of building permits issued and home construction starts in April both fell, dropping 4 percent and 10.6 percent, respectively, compared with March.

Crude oil, however, found support from a weaker dollar. The dollar index, a prorated measure of the dollar against six major currencies, dropped 0.19 percent Tuesday.

On the New York Mercantile Exchange, June delivery West Texas Intermediate crude oil added 95 cents to reach $97.86 per barrel. Home heating oil prices gained 3.65 cents to $2.8816 per gallon. Reformulated blendstock gasoline prices rose 2.07 cents to $2.94 per gallon.

Henry Hub natural gas prices gained 2.5 cents to $4.207 per million British thermal units.

At the pump, the national average price of unleaded gasoline slipped for the third consecutive day, dropping to $3.944 per gallon from Monday’s $3.955, AAA said.

Similar Posts:

Share