Crude Oil Prices Post Increases on Spot Cash, Futures Markets

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From Staff, Wire Reports

Oil prices rose Thursday in a quiet session with buying led by investors who had bet prices would fall.

On the spot cash market, Phillips 66 Co., Kerr-McGee Corp., Sun Co. and Koch Oil Co. raised posted prices by 25 cents. West Texas Intermediate was posted at $20 a barrel. Kerr-McGee, Sun and Koch also posted Oklahoma Sweet at $20, and Oklahoma Sour at $18.40 a barrel. Kerr-McGee posted Central Oklahoma Sweet at $20.25 a barrel.

Light sweet crude oil for September delivery settled at $21.34 a barrel, up 26 cents at the New York Mercantile Exchange. Lower grade sour crude for September delivery closed at $18.84 a barrel, up 26 cents.

In London, North Sea Brent Blend crude oil for September delivery settled at $20.03 a barrel, up 31 cents, at the International Petroleum Exchange.

Natural gas prices were lower at the New York Merc, with contracts for September delivery settling at $1.853 per 1,000 cubic feet, down 5. …