With decrease in dollar index, Crude oil prices take upward route
With the dollar index recently down by 0.48 percent, Crude oil prices for May delivery shifted sharply higher Monday, topping $82 per barrel in New York.
As it becomes that much more affordable in other currencies, a lower dollar tends to pick up demand in oil.
On the New York Mercantile Exchange, light, sweet crude oil prices for May delivery added $2.48 to $82.48 per barrel.
Adding 0.0373 cents, heating oil futures for May delivery ended the day at $2.1205 per gallon. Reformulated gasoline blend stock for May gained 0.0493 cents to $2.2578 per gallon. Henry Hub natural gas prices for May lost 0.025 cents to $3.905 per million British thermal units.
According to the reports of AAA, at the retail level, the average national price for unleaded regular gasoline was $2.80 per gallon Monday, down from Sunday's $2.803. (With Inputs from Agencies)