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U.S. markets recover from steep losses
NEW YORK, March 4 (UPI) -- Crude oil prices remained elevated Thursday after the previous runup above $81 per barrel despite rising U.S. inventories.
The Energy Information Administration said U.S. stockpiles rose by 4.1 million barrels in the week ending Feb. 26. Gasoline inventories rose by 700,000 barrels.
With spring and increased driving around the corner, a buildup in inventories is expected.
After Wednesday's jump, prices were headed lower Thursday. April delivery light, sweet crude oil shed 39 cents on the New York Mercantile Exchange to $80.48 per barrel. Heating oil prices lost 0.0177 cents to $2.076 per gallon. Reformulated gasoline prices lost 0.0056 cents to $2.242 per gallon. Natural gas prices lost 0.171 cents to $4.586 per million British thermal units.
At the pump, the national average price of unleaded gasoline was $2.706 per gallon Thursday, up from Wednesday's $2.703, AAA said.
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