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Crude oil heads toward $104

April 24, 2012 at 6:43 PM   |   Comments

NEW YORK, April 24 (UPI) -- Crude oil prices finished close to $104 per barrel in New York Tuesday on supply concerns originating in Europe.

Closure of the Buzzard Oil Field in the North Sea has given rise to supply worries in Europe. Traders were also paying attention to statements by the Venezuelan oil minister, who said supply would not be increased to make up for Iranian supplies displaced by sanctions.

A rebound in equities also gave oil support.

West Texas Intermediate crude oil for June delivery added 56 cents to hit $103.1 on the New York Mercantile Exchange.

Home heating oil prices gained 0.43 cents to $3.1389 per gallon. Reformulated blendstock gasoline was unchanged at $3.1241 per gallon.

Natural gas prices rose 0.7 cents to $1.982 per million British thermal units.

At the pump, the national average price of unleaded gasoline dropped to $3.849 per gallon Tuesday from Monday's $3.858, AAA said.

© 2012 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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