Crude oil prices gain on US industrial production data

Crude oil prices were higher Tuesday as equities markets saw gains, the US dollar weakened versus the euro, and some new data raised hopes that gasoline demand will improve.

The US Federal Reserve reported that US industrial production was up 1 percent in July, more than the expected 0.6 percent gain, causing investors to speculate that the economy is recovering and that demand for gasoline will rise.

September contracts for West Texas Intermediate crude, which are set to expire at the end of floor trade today, had added $1.07 to $76.31 per barrel at around 1:30 p.m. on the New York Mercantile Exchange.

Meanwhile, Brent crude was lately up $1.85 to $77.48 per barrel on the ICE Futures Europe exchange in London.

Nymex September gasoline and heating oil futures each added 4 cents, to $1.97 per gallon and $2.03 per gallon respectively, while September natural gas was up 7 cents to $4.29 per million British thermal units.

However, the retail price of a gallon of regular unleaded gasoline in the United States was lower, falling nearly a cent overnight to $2.742 per gallon on average nationally.