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Crude oil back above $106

July 12, 2013 at 4:01 PM

NEW YORK, July 12 (UPI) -- Crude oil prices topped $106 per barrel in New York despite an announcement by Egypt that political tension there is not a threat to supply lines.

Interim Egyptian Prime Minister Hazem el-Beblawi said the Suez Canal would remain open, enabling oil supplies to pass through, and that next week he would name a new Cabinet, CNN reported.

West Texas Intermediate crude oil gained $1.24 cents to $106.15 per barrel.

Reformulated blendstock gasoline added 9.93 cents to $3.1207 per gallon. Home heating oil gained 4.17 cents to reach $3.367 per gallon.

Natural gas added 3.3 cents to $3.646 per million British thermal units.

At the pump, the average price for a gallon of unleaded regular gasoline was $3.55, up from Thursday's $3.518, the AAA Fuel Gauge report said.

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