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Crude oil lingers at $103

Sept. 26, 2013 at 3:58 PM
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NEW YORK, Sept. 26 (UPI) -- West Texas Intermediate crude oil prices swung higher Thursday in New York after the market tested prices of less than $103 per barrel.

Crude oil on the New York Mercantile Exchange dipped to $102.50 per barrel Wednesday after an afternoon report from the Energy Information Administration said U.S. supplies rose by 2.6 million barrels in the week to reach 358.3 million.

It has been a long drop from $110 per barrel, which was a price provoked by international tension in the Middle East, including saber rattling in Washington related to the use of chemical weapons in Syria and strikes at oil-exporting ports in Libya.

Both of those issues have largely moved into the background, leaving oil to seek a new level.

Oil regained 34 cents Thursday to reach $103 per barrel. Reformulated blendstock gasoline prices gained 3.21 cents to $2.705 per gallon. Home heating oil gained 2.49 cents to $2.998 per gallon. Natural gas added 1 cent to reach $3.50 per million British thermal units.

At the pump, the national average price of unleaded gasoline fell to $3.434 per gallon Thursday from Wednesday's $3.447, AAA's Daily Fuel Gauge Report said.

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