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U.S. markets recover from steep losses
NEW YORK, Feb. 10 (UPI) -- Crude oil prices closed up Wednesday, aided by the U.S. Energy Information Administration saying it expected crude prices to rise this year and next.
Crude oil for March delivery finished up 77 cents to close trading at $74.52 a barrel at the New York Mercantile Exchange.
In its report, the EIA said it expects the crude oil market to strengthen during the spring, offsetting the effects of a rescue plan for financially troubled Greece, MarketWatch reported.
"The world oil market should gradually tighten in 2010 and 2011, as the global economic recovery continues and world oil demand begins to grow again," the EIA said.
Heating oil for March delivery rose 1.3 cents to $1.95 a gallon. April natural gas was unchanged at $5.29 million British thermal units. Gasoline for the same month rose 0.1 cent to $1.93 a gallon.
At the pump, the average price Wednesday was $2.641 for a gallon of unleaded gasoline, down slightly from Tuesday's $2.644 pergallon price, AAA's Daily Fuel Gauge Report said.
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