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Oil Prices Drop As Dollar Gains Ground
Thursday, 01-May-2008 4:01PM United Press International
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NEW YORK, May 1 (UPI) -- Crude oil prices dropped to $112.40 a barrel in New York Thursday as speculators sounded the retreat on the gaining strength of the U.S. dollar.

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"It's all about the dollar, James Cordier, president of Liberty Trading Group and OptionSellers.com. told The Wall Street Journal.

"I don't think the dollar is going to stay strong", he said.

Crude oil prices dropped 90 cents a barrel Thursday to $112.40 on the New York Mercantile Exchange, while the dollar gained against the euro and yen.

Heating oil prices fell 0.0023 cents in late trading Thursday to $3.1154 per gallon. Reformulated gasoline blend stock prices fell 0.0029 cents to $2.8753 per gallon. Natural gas prices gained 0.013 cents to $10.574 per million British thermal units.

At the pump, the national average for a gallon of unleaded gasoline in the United States rose to a record $3.623 per gallon Thursday, from Wednesday's price of $3.617 per gallon, AAA said.

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