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U.S. markets recover from steep losses
NEW YORK, Dec. 31 (UPI) -- Crude oil prices rose close to $80 per barrel on the New York Mercantile Exchange Thursday, the day after a report showed U.S. stockpiles declining.
The U.S. Energy Information Administration said Wednesday that crude oil inventories dropped by 1.5 million barrels in the week ending Dec. 25. Gasoline stockpiles dropped by 300,000 barrels in the week, while demand for motor gasoline rose 1.1 percent on a four-week rolling average over the same period a year ago. Demand for distillate fuel is down 2.8 percent on a four-week rolling average from a year ago.
The price of light, sweet crude added 35 cents overnight to $79.63 per barrel. Heating oil prices gained 0.0008 cents to $2.1101 per gallon. The price of reformulated gasoline lost 0.0033 cents to $2.0373 per gallon. Natural gas prices shed 0.133 cents to $5.576 per million British thermal units.
At the pump, the national average price of unleaded gasoline rose to $2.639 per gallon Thursday from Wednesday's $2.623, AAA said.
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