Crude oil hovers near $106

July 16, 2013 at 2:55 PM
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NEW YORK, July 16 (UPI) -- Crude oil prices settled on the cusp of $106 per barrel Tuesday afternoon in New York.

Solid gains in equities and tension in the Middle East are pushing prices, which have soared in the past seven weeks, up $15 per barrel since early June.

On the New York Mercantile Exchange, West Texas Intermediate crude oil fell short of $107 per barrel, before prices settled at $16.02 per barrel, down 30 cents from the session's start.

Reformulated blendstock gasoline added 3.08 cents to $3.1337 per gallon. Home heating oil gained 2.08 cents to reach $3.0469 per gallon.

Natural gas gained 0.4 cents to $3.678 per million British thermal units.

At the pump, the average price for a gallon of unleaded regular gasoline was $3.635, up from Monday's $3.613, the AAA Fuel Gauge report said.

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