facebook
twitter
search
search

Oil prices move higher

July 11, 2012 at 4:25 PM
| License Photo

NEW YORK, July 11 (UPI) -- U.S. oil prices ended higher, pushing toward $86 a barrel, Wednesday after a report showing a larger decline in inventories than expected, analysts said.

The August contract for crude oil on the New York Mercantile Exchange was up $1.90, or 2.3 percent, to end the day at $85.81 per barrel.

Natural gas futures moved higher Wednesday. The contract for August delivery was up 4.3 cents, or 1.2 percent, to $2.85 per million British thermal units.

The U.S. Energy Information Administration said Tuesday it expects utilities will see a 21 percent increase in natural gas demand this year, slightly above the previous forecast, analysts said.

Home heating oil futures were up 1.65 percent to $2.7643 per gallon.

Reformulated blendstock gasoline was up 1.07 percent to $2.7764 per gallon.

At the pump, the national average price of unleaded gasoline was up to $3.383 per gallon Wednesday, AAA said.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
Hess completes Bakken joint venture
Brazil orders search-and-rescue aircraft
Whole Foods apologizes for overcharging customers
BP settles with U.S. coastal states for $18.7 billion