Crude oil moves above $95 per barrel

Aug. 16, 2012 at 6:51 PM
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NEW YORK, Aug. 16 (UPI) -- Crude oil moved higher Thursday, topping $95 per barrel on the New York Mercantile Exchange as the U.S. dollar weakened.

The dollar index fell 0.34 percent on the International Exchange to 82.40.

The Energy Information Administration said Wednesday U.S. stockpiles decreased by 3.7 million barrels in the week ending Saturday, about 2 million barrels more than traders had predicted.

Supplies, at 366.2 million barrels, remain above the upper limit of the average range for this time of year, but the draw gave prices a late bounce Wednesday.

West Texas Intermediate crude oil for September delivery in New York added 94 cents to $95.27 per barrel Thursday. The natural gas price was 1.7 cent lower in late trading at $2.707 per million British thermal units.

Home heating oil was off 1.66 cents at $3.1063 per gallon.

Reformulated blendstock gasoline dropped 2.17 cents to reach $3.0615 a gallon.

At the pump, the average price for a gallon of regular unleaded gasoline was $3.71 Thursday, up from $3.709 Wednesday, AAA reported.

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