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Thursday, May 23, 2024

Oil settles above $80 a barrel

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Energy prices increased Wednesday as the dollar weakened and oil refineries increased production ahead of the traditionally busy summer driving season.

Prices rose as the euro pushed higher against the dollar after Greece announced a stripped-down budget to tame its massive deficit. Prices stayed high as the Energy Information Administration reported that refineries increased operations for the fourth week in a row.

Here’s a breakdown of how energy prices traded Thursday:

On the New York Mercantile Exchange:

Crude: climbed $1.19 to settle at $80.87 a barrel.

Gasoline: gasoline gained 5.1 cents to settle at $2.2476 a gallon.

Heating oil: rose 3.76 cents to settle at $2.0937 a gallon.

Natural gas: advanced 4.9 cents to settle at $4.757 per 1,000 cubic feet.

On the ICE futures exchange:

Brent crude: added $1.07 to settle at $79.25.

Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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