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Crude oil prices head toward $83
DATE:2010-10-9  FROM:  AUTHOR:  DOWN:2058
 
WASHINGTON, Oct. 8 (UPI) -- Crude oil prices rose Friday on the New York Mercantile Exchange, as the dollar index dropped 0.23 percent.


Crude oil prices are showing signs of finding a new plateau, hovering above $80 for most of the week.


Crude oil prices had sat in a $72 to $76 holding pattern for several months. The pattern was broken this week with prices rising due to a weaker dollar and a stronger yen, prompted by the Bank of Japan, which began selling yen for the first time in six years to allow the currency to weaken.


By Thursday, the move to soften the yen proved fruitless, as the yen hit a 15-year high against the dollar. Finance Minister Yoshihiko Noda said more would be done "if necessary" to take pressure off the currency.


On Friday, the price of light, sweet crude for November delivery gained $1.18 from a previous settlement to $82.85 per barrel. Heating oil prices added 3.71 cents to $2.2889 per gallon. Reformulated gasoline prices gained 3.53 cents to $2.1533 per gallon.


Henry Hub natural gas prices rose 3.3 cents to $3.65 per million British thermal units.


At the pump, the national average price of unleaded gasoline rose to $2.782 per gallon from Thursday's $2.768, AAA said.

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