Crude oil prices went up on Tuesday, August 19, as a declining dollar propelled investors to buy commodities as inflation hedges.

On the New York Mercantile Exchange (NYMEX), light, sweet crude for next month (September 2008) delivery climbed up $1.66 to settle at USD 114.53 per barrel.

On the other hand, gasoline futures surged 4.87 cents to settle at $2.639 per gallon, while the retail price of a gallon of regular gas was $ 3.73.

Heating oil futures also witnessed an increase of 3.89 cents to settle at $3.1237 per gallon at the NYMEX.

Brent crude futures for October increased $1.31 to settle at $ 113.25 a barrel on the ICE Futures exchange in London.

Natural gas futures was up 8.8 cents to settle at $ 7.976 per 1,000 cubic feet.