facebook
twitter
rss
account
search
search
 

Crude oil climbs on Draghi's pledge

July 26, 2012 at 6:51 PM   |   Comments

NEW YORK, July 26 (UPI) -- Crude oil prices climbed Thursday, topping $90 per barrel early as the U.S. dollar dropped, then settling down to modest gains.

The president of the European Central Bank Mario Draghi said he would do "whatever it takes," to support the struggling 17-nation currency region in Europe.

With the expectation of further ECB bond buying, the dollar dropped, creating an opportunity for foreign buyers of commodities priced in U.S. dollars.

The buying overseas offset a report from the U.S. Energy Information Administration that said crude oil supplies rose by 2.7 million barrels to 380.1 million in the week ending Saturday.

On the New York Mercantile Exchange, September delivery West Texas Intermediate crude oil added 37 cents to close at $89.34 per barrel. Reformulated blendstock gasoline shed 0.4 cents to $2.733 per gallon. Home heating oil lost 0.01 cents in late trading to $2.8693 per gallon.

Natural gas was at $3.088 per million British thermal units, off 0.2 cents.

At the pump, the national average price of unleaded gasoline climbed a half of a cent to $3.49 per gallon from Wednesday's $3.485, 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.
Most Popular
1
New F-35 sustainment system undergoing flight testing New F-35 sustainment system undergoing flight testing
2
Scrap South Stream, Europe says Scrap South Stream, Europe says
3
Apple to authorities: No iPhone user data, even with a warrant Apple to authorities: No iPhone user data, even with a warrant
4
New Navy sub ready for outfitting, testing New Navy sub ready for outfitting, testing
5
Boeing to build new passenger spacecraft for NASA Boeing to build new passenger spacecraft for NASA
Trending News
Video
x
Feedback