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NEW YORK, March 5 (UPI) -- A reduction in U.S. crude oil supplies sent the price to a record high Wednesday after a morning in which prices seemed to relax briefly.
Crude oil prices settled at $100.16 per barrel on the New York Mercantile Exchange Wednesday morning on news that major producers would keep production steady.
But news that U.S. crude supplies declined by 3.1 million barrels during the week sent buyers rushing to oil.
"They're looking at the unexpected crude draw and jacking (prices) higher," Kyle Cooper, director of research with IAF Advisors in Houston told The Wall Street Journal.
"The market remains in a bullish mindset, you have to respect that," he said.
Crude oil gained more than $4 on the day, closing at $104.30 per barrel.
Heating oil prices gained on the day, reaching $2.9388 per gallon, up 0.378 cents.
Reformulated blendstock gasoline dropped 0.012 cents in late afternoon trading to $2.63 per gallon.
Natural gas prices rose up 0.02 cents to $9.761 per million British thermal units.
At the pump, the AAA Daily Fuel Gauge Report said the national average price of a gallon of unleaded jumped from Tuesday's price of $3.168 per gallon to $3.178 per gallon Wednesday.
$2.5601 per gallon.
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