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Executive: Speculation driving oil prices
NEW YORK, Jan. 27 (UPI) -- Crude oil prices climbed close to $100 per barrel after the Commerce Department said the U.S. gross domestic product rose 2.8 percent in the fourth quarter.
Friday's report puts the GDP short of the expected 3 percent growth but respectable next to fourth-quarter contractions in Britain and Germany.
The fourth-quarter figure is also close to the Federal Reserve's forecast for U.S. economic growth for 2012, which is 2.7 percent.
On the New York Mercantile Exchange, West Texas Intermediate crude added 15 cents to reach $99.71 per barrel.
Home heating oil added 1.64 cents $3.0757 per gallon. Reformulated blendstock gasoline lost 0.84 cents to $2.915 per gallon. Henry Hub natural gas prices gained 0.4 cents to $2.76 per million British thermal units.
At the pump, the national average price of unleaded gasoline added one penny overnight, jumping from $3.379 per gallon to $3.389, AAA said.
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