Supply side stress pushes oil prices

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NEW YORK, July 19 (UPI) -- Crude oil prices climbed above $92 per barrel Thursday with support from a slight draw down in U.S. stockpiles and increased tension in the Middle East.

The U.S. Energy Information Administration said crude oil supplies fell by 809,000 barrels in the week, leaving supplies 25 million barrels above levels at this time in 2011 and 38 million barrels above this week's five-year average.

In the Middle East, an embargo against Iran and violence in Syria added to supply uncertainties.

On the New York Mercantile Exchange, crude oil for August delivery gained $2.03 to $92 per barrel. Heating oil on the exchange shed 0.07 cents in late trading to $2.94 per gallon. Natural gas added 2.8 cents to $3.027 per million British thermal units, while reformulated blendstock gasoline lost 1.09 cents to $2.928 per gallon.

At the pump, the national average price of unleaded gasoline added 1.1 cents overnight to $3.437 per gallon, AAA said.