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Oil regains some lost ground

Nov. 2, 2011 at 6:15 PM   |   Comments

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NEW YORK, Nov. 2 (UPI) -- Crude oil prices in New York topped $92 per barrel after the U.S. Federal Reserve concluded its two-day meeting with an optimistic assessment of the economy.

The Fed said the economy "strengthened" in the third quarter.

Traders, however, are still assessing news from Europe and adjusting positions after Greek Prime Minister George Papandreou said the international rescue package for Greece would be put up to a public referendum.

On the New York Mercantile Exchange, West Texas Intermediate crude for December delivery added 32 cents to reach $92.51 per barrel. Home heating oil lost 3.72 cents to $3.0007 per gallon. Reformulated blendstock gasoline rose 0.28 cents to $2.6272 per gallon.

Henry Hub natural gas shed 0.32 cents to $3.749 per million British thermal units, as temperatures in the Northeast returned to normal after an early winter storm knocked out power for 3 million households.

At the pump, the national average price of unleaded gasoline dropped to $3.432 per gallon Wednesday from Tuesday's $3.437, 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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