Optimism on economy spurs oil prices

March 14, 2013 at 6:17 PM
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NEW YORK, March 14 (UPI) -- Crude oil prices topped $93 per barrel Thursday, with a run in equities suggesting an improved economic outlook.

The Dow Jones industrial average rose for the 10th consecutive trading session Thursday, adding 83.86 to finish at 14,539.14.

Crude oil prices rose on the New York Mercantile Exchange despite an uptick in oil supplies in the week.

The Energy Information Administration said commercial crude oil inventories rose by 2.6 million barrels in the week to 384 million barrels.

Crude oil prices had been elevated slightly, with traders expecting supplies to have dropped as refineries allowed inventories to dwindle to ready themselves for spring maintenance projects.

West Texas Intermediate crude oil for April delivery added 61 cents to $93.13 per barrel. Gasoline added 1.45 cents to reach $3.1435 a gallon.

Home heating oil added 0.5 cents to reach $2.927 a gallon.

Natural gas added 14.6 cents to hit $3.819 per million British thermal units.

At the pump, the national average price for a gallon of regular unleaded gasoline fell from Wednesday's $3.706 per gallon to $3.701, the AAA Daily Fuel Gauge Report said.

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