US crude oil settles under $107

Crude oil for October settled under $107 per barrel in New York Monday morning, although the market is beset by supply-side issues. Civil unrest in Egypt, strikes in Libya and the onset of hurricane season are supporting the bull's position. A stronger dollar, stumbling equities and less than robust economic data are supporting the bears. On the New York Mercantile Exchange, West Texas Intermediate crude shed 51 cents to reach $106.78 per barrel. Reformulated blendstock gasoline added 0.38 cents to reach $2.9713 per gallon. Home heating oil gained 0.38 cents, as well, to reach $3.0869 per gallon. Natural gas added 8.1 cents to $3.3449 per million British thermal units. At the pump, the national average price for a gallon of unleaded regular gasoline was $3.538, down from Sunday's $3.54, the AAA Fuel Gauge report said.