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Crude oil heads higher

March 22, 2013 at 6:09 PM

NEW YORK, March 22 (UPI) -- The price of crude oil added $1.33 to $93.78 a barrel Friday in New York as U.S. equities rebounded.

Investors shrugged off fears of a crisis in the eurozone, as leaders from Cyprus were in talks to rescue a derailed bailout plan for Cypriot banks.

On the New York Mercantile Exchange, gasoline shed 0.35 cents to $3.0515 per gallon. Home heating oil broke even at $2.975 a gallon.

Natural gas gained 0.3 cents to reach $3.937 per million British thermal units.

At the pump, a gallon of regular unleaded gasoline was $3.686 Friday, down from Thursday's $3.691, the AAA Fuel Gauge Report said.

European financial leaders are focused on a bailout plan for Cyprus that includes the country raising $7.5 billion to secure a $13 billion loan from the European Stability Mechanism. The European Central Bank gave the island nation until Monday to come up with a new plan to secure the loan, which is needed to help the country's banks stay in business.

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