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Crude oil down $4 in the week

April 5, 2013 at 6:41 PM   |   Comments

NEW YORK, April 5 (UPI) -- Crude oil prices closed near $93 per barrel Friday on the New York Mercantile Exchange, with traders adjusting positions due to high domestic supplies.

The U.S. Energy Information Administration reported Wednesday crude oil supplies are at the highest level since July 1990. With winter weather waning, the high supplies have put downward pressure on prices.

West Texas Intermediate crude oil for May delivery shed 26 cents Friday to $93.10 per barrel, pushing the weekly drop to nearly $4. On Monday, WTI was priced at $97.02 per barrel.

Gasoline prices shed 0.47 cents to reach $2.8945 a gallon.

Home heating oil hit $2.94 a gallon, down 2.93 cents.

Natural gas gained 19 cents to $4.137 per million British thermal units.

At the pump, the average price of a gallon of regular unleaded gasoline was $3.625 Friday, down from $3.636 Thursday, the AAA Fuel Gauge Report 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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