Petroleum Prices Reverse Course

Article excerpt

NEW YORK (AP) _ Petroleum prices eased Wednesday afternoon, reversing course after an early run-up on news that the nation's supply of gasoline was at its lowest level since 1973.

By the end of the session at the New York Mercantile Exchange, only gasoline futures for near-term delivery were still selling for higher prices than in Tuesday's session.

Light sweet crude oil for delivery in December settled at $22.35 per barrel, down 15 cents. It was the eighth straight session that pushed crude oil lower, for a total of $1.47 per barrel.

There were no changes reported in prices paid for crude oil on the spot market by major buyers in Oklahoma for the second consecutive day.

In London, North Sea Brent Blend crude oil for delivery in December settled at $21.28 per barrel, up 1 cent, at the International Petroleum Exchange.

Natural gas prices finished mixed, with contracts for delivery in December settling at $2.040 per 1,000 cubic feet, down 1.5 cents, at the New York Merc.

Unleaded gasoline for delivery in December settled at 62.13 cents a gallon, up 0.61 cents. Home heating oil for delivery in December settled at 65.90 cents a gallon, down 0.66 cents.

All of the petroleum futures rose in early trading, in response to a report released overnight by the American Petroleum Institute, showing the nation's gasoline supply had fallen last week by 4. …