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Crude oil prices hold steady

May 12, 2011 at 11:56 PM   |   Comments

NEW YORK, May 12 (UPI) -- Crude oil prices held steady in New York Thursday, settling under $99 per barrel after the Energy Information Administration said inventories grew last week.

The EIA said U.S. stockpiles of crude oil rose by 3.8 million barrels to 370.3 million last week.

On the New York Mercantile Exchange, June delivery West Texas Intermediate crude oil lost 24 cents to reach $98.89 per barrel. Home heating oil added 0.24 cents to $2.9161 per gallon. Reformulated blendstock gasoline prices shed 0.29 cents to $3.061 per gallon.

Natural gas prices lost 0.1 cent to $4.193 per million British thermal units.

At the retail level, unleaded gasoline prices moved higher with the national average price coming within 1.6 cents of $4 per gallon.

Prices at the pump averaged $3.984 per gallon, up from Wednesday's $3.962, 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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