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Oil prices hold under $82

Wed, 24/11/2010 - 22:41 by harsheeb

New York -- Crude oil prices in New York held under $82 per barrel Wednesday after the Commerce Department said durable goods orders fell 3.3 percent in October.

Traders are also waiting for a weekly inventory report due Wednesday afternoon. Inventories have dropped two weeks in a row, falling by 10.6 million barrels. Some may be betting it is time for a rebound.

January delivery light, sweet crude oil on the New York Mercantile Exchange added 25 cents from a prior settlement to $81.50 Wednesday morning. Heating oil prices gained 1.52 cents to $2.2821 per gallon.

Reformulated blendstock gasoline rose 1.14 cents to $2.0982 per gallon.

Henry Hub natural gas prices lost 6.1 cents to $4.354 per million British thermal units.

At the pump, the national average price of unleaded gasoline dropped to $2.869 per gallon from Tuesday's $2.87, AAA said.

Copyright 2010 United Press International

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