Crude Falls Back from New Record

Crude Falls Back from New Record

Oil prices surged past $143 a barrel for the first time and then fell back as a rising dollar prompted some investors to sell.

Crude gave back its gains after the Chicago Purchasing Managers’ Index of Midwest Manufacturing beat estimates and the dollar strengthened against the euro.

Light, sweet crude for August delivery fell 21 cents to settle at $140 a barrel on the New York Mercantile Exchange. In early electronic trading, the contract hit a record $143.67.

In other Nymex trading, heating oil futures fell 0.37 cent to settle at $3.9029 a gallon, while gasoline contracts were virtually unchanged at $3.5015 a gallon. Natural gas futures rose 15.5 cents to $13.353 per 1,000 cubic feet.

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