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Crude oil tops $97 a barrel

Feb. 12, 2013 at 6:12 PM   |   Comments

NEW YORK, Feb. 12 (UPI) -- Crude oil prices climbed above $97 per barrel Tuesday on the New York Mercantile Exchange after the Group of Seven addressed currency concerns.

Ahead of a meeting of the Group of 20 nations this week in Moscow, the G7 nations issued a statement opposing currency manipulation.

Emerging nations are considered the most likely to try currency manipulating to boost exports. The statement from the G7 is expected to calm fears of other countries following Venezuela's move last week to devalue the bolivar by 32 percent.

West Texas Intermediate crude oil for March delivery added 57 cents and hit $97.51 per barrel.

Reformulated blendstock gasoline gained 2.25 cents to $3.045 per gallon. Heating oil added 052 cents to $3.2362 per gallon.

Natural gas was lost 3.7 cents to $3.253 per million British thermal units.

At the pump, the national average price of unleaded gasoline, up for eight consecutive weeks, rose to $3.604 per gallon from Monday's $3.587 per gallon, AAA said.

© 2013 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.
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