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Crude oil hovers around $108

Sept. 5, 2013 at 4:11 PM

NEW YORK, Sept. 5 (UPI) -- Crude oil prices for October delivery gained $1.11 to reach $108.34 per barrel Thursday in New York as U.S. inventories dropped.

The Energy Information Administration, in a weekly inventory report delayed a day due to the Labor Day holiday, said inventories dropped by 1.8 million barrels to 360.2 million barrels in the week. Supplies remain near the upper limit of the average range on a seasonal basis, the agency said.

Traders also remain focused on the possibility of a U.S. military strike against Syria, which could throw the region into further turmoil.

Reformulated blendstock gasoline shed 2.73 cents to $2.837 per gallon. Home heating oil added 0.18 cents to reach $3.1389 per gallon.

Natural gas shed 1.12 cents to $3.571 per million British thermal units.

At the pump, the national average price for unleaded regular gasoline was $3.587 per gallon, down from Wednesday's $3.589, the AAA Fuel Gauge report said.

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