Crude oil surges to $101 per barrel

July 3, 2013 at 3:22 PM

NEW YORK, July 3 (UPI) -- Lower supplies and tension in the Middle East pushed crude oil prices above $101 per barrel in New York Wednesday morning.

Oil has broken out of a well-established trading range in the low $90s as political tensions rise in Egypt. In addition, the American Petroleum Institutes's weekly supply figure came in lower than expected.

Rising above $100 for the first time since September 2012, West Texas Intermediate crude oil added $1.46 to $101.06 on the New York Mercantile Exchange.

Reformulated blendstock gasoline added 5.01 cents to $2.8334 per gallon. Home heating oil added 4.79 cents to reach $2.9493 per gallon.

Natural gas added 3 cents to $3.684 per million British thermal units.

At the pump, the average price for a gallon of unleaded regular gasoline was $3.477, down from Tuesday's $3.478, the AAA Fuel Gauge report said.

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