Crude prices hover near record

Crude oil prices were at near record prices of more than $99 a barrel Tuesday on the New York Mercantile Exchange as a two-week rally in prices has yet to ease.

Former U.S. Federal Reserve Chairman Alan Greenspan remarked Monday at an investors conference in Saudi Arabia that the escalating price of oil will go on forever.

In early trading Tuesday, the price of crude rose 8 cents to $99.31 per barrel.

The price of crude hit a record high of $101 per barrel last Wednesday.

Heating oil prices declined slightly, down 0.23 cents to $2.7830 per gallon.

The price of reformulated blendstock gasoline declined 0.64 cents to $2.5355 per gallon.

Natural gas prices rose 4.1 cents to $9.227 per million British thermal units.

At the pump, the average price for a gallon of unleaded in the United States hit $3.142 per gallon Tuesday, up from $3.137 per gallon Monday, the AAA Daily Fuel Gauge Report said.

Copyright 2008 by United Press International