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Crude oil prices slid to $67.26 per barrel on the New York Mercantile Exchange Tuesday, as U.S. stock markets closed flat for the second consecutive day.

Prices for light, sweet crude fell 98 cents from Monday’s closing price. Heating oil prices fell marginally, down 0.0176 cents to $1.7705 per gallon. Reformulated blendstock gasoline dropped 0.017 cents to $1.913 per gallon. Natural gas prices lost 0.109 cents to $3.52 per million British thermal units.

At the pump, the average price for a gallon of regular unleaded gasoline was $2.505 Tuesday, up a half cent from Monday’s $2.50 a gallon, AAA said.
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Tags: NYMEX, Oil Prices

Oil prices rose even after report that US supplies of the fuel declined by one million barrels last week, increasing optimism that energy demand will recover soon. The government reported that the nation is consuming less than it has in years and that inventories are the highest in nearly two decades. Benchmark crude for June delivery gained $1.05 to settle at $50.97 a barrel on the New York Mercantile Exchange.

Tags: Crude, NYMEX

Russia is poised to hold a conference in Moscow and invited OPEC representatives to take part and discuss the procedure for setting oil prices, Deputy Prime Minister Igor Sechin said during a meeting with President Dmitry Medvedev. Sechin indicated that Moscow would suggest a gradual transition to the new system of price formation, the Vesti TV channel reported Sechin as saying. He also noted that the problem of making oil reserves was becoming especially severe.

In turn, Medvedev stressed that Russia was interested in stable, predictable and fair oil prices. “We do not want extremely high prices that hurt the economic structure, and of course we do not want a significant drop in prices below their fair level,” he stated. With this in mind, OPEC and other countries will have to take steps to prevent any deepening of the crisis or further deterioration of the economic situation, Medvedev observed.

Tags: Medvedev, Oil Prices, Russia