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Oil prices remain above $70 a barrel

Analysis

United States oil prices fell slightly Monday but remained at more than $70 a barrel amid supply worries as traders took profits following last week`s 2.2% price rise.

Light, sweet crude for August delivery edged down 0.1 cent to $70.58 a barrel in mid-morning trading on the New York Mercantile Exchange. Natural gas fell 0.115 cents to $6.658 per 1,000 cubic feet. Heating oil slipped 0.005 cents to 2.0374 cents a gallon. Reformulated-gasoline blendstock for oxygen blending moved up 0.0004 cents to $2.2432 a gallon. AAA said Monday the average US retail regular unleaded gasoline price was $2.957 a gallon, down 0.004 cent from Sunday`s $2.961 a gallon.

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