MARKET WATCH: Crude futures prices continue gains in New York

Crude oil futures prices ended last week on an upswing, continuing to make gains on geopolitical news of ongoing conflict in Iraq and elsewhere.

The New York Mercantile Exchange September crude oil contract gained 31¢ on Aug. 8, closing at $97.65/bbl. The October contract gained 15¢ to $96.84/bbl.

The natural gas contract for September rose 8.6¢ to a rounded $3.96/MMbtu. On the US cash market, gas at Henry Hub, La., was $3.91/MMbtu, dropping 6¢.

Heating oil for September delivery edged down 1.88¢ to a rounded $2.88/gal. Reformulated gasoline stock for oxygenate blending for September delivery edged down 1.86¢ to a rounded $2.75/gal.

The September ICE contract for Brent crude delivery lost 42¢ on Aug. 8, closing at $105.02/bbl. The October contract lost 46¢ to $105.62/bbl. The ICE gas oil contract for August edged up 25¢ to $879.75/tonne.

The average price for OPEC’s basket of 12 benchmark crudes was $103.11/bbl on Aug. 8, climbing 88¢.

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