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Crude oil holds near $86 per barrel

Oct. 25, 2012 at 6:05 PM
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NEW YORK, Oct. 25 (UPI) -- Crude oil rebounded a bit on the New York Mercantile Exchange Thursday but held under $86 per barrel, with traders recalibrating positions based on supply data.

Reduced tensions in the Middle East have erased expectations of supply shortages. It was forecast this week that suppliers who increased production to make up for lost supplies have flooded the market by as much as 630,000 barrels per day.

After a sharp drop earlier in the week, December delivery West Texas Intermediate crude oil added 20 cents to $85.93 per barrel in New York.

Natural gas prices lost 0.5 cents to $3.429 per million British thermal units. Home heating oil lost 4.2 cents to $3.041 per gallon. Reformulated blendstock gasoline shed 1.23 cents to $2.62 per gallon.

At the pump, the average price for a gallon of regular unleaded gasoline was $3.599 per gallon, down from Wednesday's $3.625, AAA reported.

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