Arab Today, arab today oil pricing all but frozen in place
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

Oil pricing all but frozen in place

Arab Today, arab today

Arab Today, arab today Oil pricing all but frozen in place

Washington - UPI

West Texas Intermediate crude oil held near $80 per barrel Thursday as European leaders held a summit to discuss the continent\'s financial crisis. Investors are looking for signs that leaders are making positive moves to contain the spreading debt crisis that has forced Greece, Ireland, Portugal, Spain and Cyprus to seek international assistance. In New York, crude oil for August delivery added 4 cents overnight to $80.25 per barrel. On Wednesday, WTI crude broke above $80 per barrel for the first time in six consecutive trading sessions. Home heating oil lost 0.56 cents to reach $2.5846 per gallon. Reformulated blendstock gasoline shed 2.05 cents to $2.4784 per gallon. Natural gas for July delivery shed 2 cents to $2.796 per million British thermal units. Consumers have benefited from the prolonged uncertainty in the oil market. At the pump, the national average price of unleaded gasoline fell to $3.369 per gallon Thursday from Wednesday\'s $3.383, AAA said. The Energy Information Administration said Wednesday that the average price of gasoline fell for the 12th consecutive week, dropping 9.6 cents in the week ending Tuesday. AAA said the average price of gas was $3.636 per gallon a month ago and $3.551 per gallon in the same week of 2011.

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