Crude oil prices up, but US at-the-pump prices continue to fall

Crude oil prices were higher on Monday after unions in Nigeria called for a strike by oil workers to begin on Wednesday. The strike will protest a price increase in gasoline imposed by the government. In addition, two more oil facilities in Nigeria were attacked by local residents, cutting more output.

West Texas Intermediate crude for July delivery was $1.09 higher to $69.09 per barrel on the New York Mercantile Exchange. Gasoline and heating oil futures were also up on Nymex. July contracts for gasoline were almost half a cent higher to $2.2643 per gallon, while Nymex July heating oil added 2.36 cents to $2.0342 per gallon. Natural gas, on the other hand was 33.8 cents lower to $7.69 per 1,000 cubic feet.

Despite the gains in crude oil and gasoline futures, US at-the-pump prices were lower, falling 0.3 cent to $3.005 per gallon according to a survey by AAA, taking the average price 22.2 cents below its peak in late May.