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Oil prices move higher Friday

July 13, 2012 at 5:32 PM   |   Comments

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NEW YORK, July 13 (UPI) -- Crude oil prices rose above $87 a barrel Friday on expanded U.S. sanctions against Iran and reaction to China's gross domestic product data, analysts said.

Light, sweet crude for August delivery closed $1.10 higher at $87.50 a barrel on the New York Mercantile Exchange.

GDP data shows China's economic growth declined to 7.6 percent, in line with forecasts, but investors had feared the numbers would be worse.

Henry Hub natural gas was steady at $2.88 per million British thermal units.

Home heating oil was up 0.57 percent to $2.789 per gallon.

Reformulated blendstock gasoline was up 0.37 percent to $2.80.99 a gallon.

At the pump, the national average price of unleaded gasoline was $3.38 per gallon Friday, 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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