Oil prices head up, gas down Wednesday

New York -- Crude oil prices rose Wednesday to $119.48 barrel on the New York Mercantile Exchange, although gas prices continued a downward trend.

Crude oil gained 31 cents in early trading in New York to $119.48 per barrel. But a monthlong retreat in oil prices has erased more than 25 cents a gallon from gasoline prices.

The national average retail price of unleaded gasoline fell 0.009 cents to $3.862 per gallon Wednesday, 25.2 cents below its July 17 record, the AAA Daily Fuel Gauge Report said.

Heating oil prices rose 0.0139 cents to $3.2959 per gallon. Reformulated blendstock gasoline prices rose 0.0161 cents to $2.9725 per gallon. Natural gas prices dropped 0.049 cents to $8.775 per million British thermal units.

Copyright 2008 by United Press International.