Oil tops US$82
NEW YORK (AP) — Oil prices rose above US$82 a barrel Tuesday, making for a rare day where energy markets ran opposite to the stock market.
The increase came despite disappointing corporate earnings and consumer spending reports that signaled slower economic growth.
Benchmark crude for September delivery gained US$1.21, or 1.5 per cent, to settle at US$82.55 a barrel on the New York Mercantile Exchange as traders instead took their cue from a weaker dollar.
In other Nymex trading in September contracts, heating oil rose 4.62 cents to US$2.2000 a gallon, gasoline added 2.5 cents to US$2.1935 a gallon while natural gas fell 6.2 cents to 4.639 per 1,000 cubic feet.
In London, Brent crude settled up US$1.86 at US$82.68 a barrel on the ICE Futures exchange.
