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Crude oil rebounds past $91

Oct. 4, 2012 at 5:40 PM
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NEW YORK, Oct. 4 (UPI) -- Crude oil prices jumped past $91 per barrel Thursday in a correction from the previous session's sharp downturn.

Crude oil dropped nearly $4 Wednesday after key business indexes showed activity slowing in China's and Europe's service sectors.

That looked to be an overreaction by Thursday morning, especially after the Energy Information Administration said U.S. inventories were down by 3.6 million barrels in the week.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for November delivery added $3.48 or 3.95 percent to $91.62 per gallon. Natural gas prices gained 0.02 cents, 0.62 percent, to $3.416 per million British thermal units. Home heating oil added 11.02 cents to $3.1766 per gallon. Reformulated blendstock gasoline gained 13.35 cents to $2.933 per gallon.

At the pump, the average price for a gallon of regular unleaded gasoline was $3.784 per gallon, up from Wednesday's $3.782, AAA reported.

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