Oil prices regain momentum to climb above $69

Oil prices regain momentum to climb above $69After a steep overnight drop on the New York Mercantile Exchange, June delivery crude oil prices regained some traction Tuesday, climbing above $69 per barrel.

It has been reported that oil prices have tumbled from the high for the year of more than $86 per barrel, undermined by the euro, which has fallen 15 percent against the U. S. dollar in the past five months.

The euro slid further Tuesday, causing equity markets to drop sharply in Asia and Europe. On Wall Street, equities staged a late rally to close mixed.

Before settling at $69.67 per barrel, June delivery crude oil found an intraday high of $69.91.

Heating oil prices shed 0.0103 cents from a prior settlement to $1.889 per gallon.

Loosing 0.0156 cents, reformulated gasoline blend-stock prices went down to $1.9552 per gallon.

It was also reported that Henry Hub natural gas prices added 0.065 cents to $4.082 per million British thermal units.

According to reports of AAA, at the pump, the national average price for unleaded regular gasoline dropped to $2.78 per gallon Tuesday from Monday's $2.793. (With Inputs from Agencies)