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Crude oil heads higher

April 29, 2013 at 6:45 PM   |   Comments

NEW YORK, April 29 (UPI) -- Crude oil prices headed higher Monday in New York, topping $94 per barrel, on positive economic data.

The Commerce Department said consumer spending rose more than expected in March. Economists had expected no growth in spending, but it rose 0.2 percent.

The oil industry is in its spring lull, between demand peaks. In the spring, demand for heating oil drops. Demand for gasoline is stagnant, with the summer driving season still a month away.

On the New York Mercantile Exchange, West Texas Intermediate crude oil added $1.63 to $94.41 per barrel.

Gasoline prices shed 1.04 cents to $2.8156 a gallon.

Home heating oil dropped 3.24 cents to $2.8651 a gallon, off 3.24 cents.

Natural gas gained 13.1 cents to reach $4.374 per million British thermal units.

At the pump, the average price of a gallon of regular unleaded gasoline was $3.50 Monday, unchanged from Sunday, 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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