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Crude oil pushes toward $96

  |   May 17, 2013 at 5:12 PM
NEW YORK, May 17 (UPI) -- Crude oil prices climbed toward $96 per barrel in New York Friday with an extended equities rally returning to Wall Street after a one-day pause.

Traders are also sensing that bad news is good news.

Many investors see a recent dip in economic expectations as a sign the U.S. Federal Reserve and other central banks will continue with accommodating monetary policies. As such, prices are weathering a recent spate of negative developments, including slower manufacturing growth in the mid-Atlantic states and in China.

On the New York Mercantile Exchange, West Texas Intermediate crude oil added 81 cents to $95.94 per barrel.

Gasoline prices added 1.93 cents to $2.904 a gallon. Home heating oil added 3.21 cents to $2.939 a gallon. Natural gas gained 11.2 cents to reach $4.059 per million British thermal units.

At the pump, the average price of a gallon of regular unleaded gasoline was $3.618 Friday, up from Thursday's $3.601, the AAA Fuel Gauge Report said.

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