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Oil prices rebound Wednesday

April 13, 2011 at 7:09 PM   |   Comments

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NEW YORK, April 13 (UPI) -- Crude oil prices rebounded Wednesday, climbing above $107 per barrel after two days of losses on the New York Mercantile Exchange.

May delivery West Texas Intermediate crude oil added $1.22 to $107.47 per barrel despite a rise in U.S. crude oil stockpiles.

The Energy Information Administration said stockpiles of crude rose by 1.6 million barrels to 359.3 million barrels in the week ending April 8. Gasoline stockpiles fell by 7 million barrels to 209.7 million barrels and are near the lower limit of the average range for this time of year, the EIA said.

Home heating oil prices added 1.58 cents to $3.2186 per gallon. Reformulated blendstock gasoline prices gained 0.86 cents to $3.251 per gallon.

Henry Hub natural gas prices lost 0.1 cents to $4.14 per million British thermal units.

At the pump, the national average price for unleaded gasoline topped $3.80 per gallon, reaching $3.808, up from Tuesday's $3.791, AAA said.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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