Crude oil prices mixed as WTI declines, Brent crude gains
Crude oil prices were mixed Tuesday as October contracts for West Texas Intermediate crude was down 88 cents to $73.72 per barrel in afternoon trade on the New York Mercantile Exchange, but Brent crude was most recently up 45 cents to $77.32 per barrel on the ICE Futures Europe exchange in London.
The declines came on a number of issues, including declines for European banks as investors and analysts worried that Europe’s debt problems could harm the banks and recovery of the global economy, sending investors looking for the safest deals they could find.
Additionally, the US dollar strengthened versus the euro, making oil look less attractive as an investment, US and European stock markets declined, German factory orders unexpected dropped by 2.2 percent in July from June against an expected 0.5 percent gain, and Tropical Storm Hermine missed oil-producing regions in the Gulf of Mexico before hitting land in Mexico and Texas.
Nymex October gasoline futures and heating oil futures were each up less than a cent in afternoon trade, to $1.92 per gallon and $2.06 per gallon respectively, while October heating oil futures dropped 2 cents to $3.85 per million British thermal units.
The retail price of a gallon of regular unleaded gasoline in the United States dropped slightly overnight to $2.682 per gallon on average nationally as the summer driving season in the US ended at the end of the Labor Day holiday weekend.
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