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Crude oil prices retreat

Oct. 3, 2013 at 5:05 PM   |   Comments

NEW YORK, Oct. 3 (UPI) -- Crude oil prices slipped Thursday, sliding back toward $103 per barrel after the government reported stockpiles rose sharply in the week ending Sept. 28.

The Energy Information Administration said U.S. crude oil inventories had risen by 5.5 million barrels in the week, defying expectations. Market analysts had anticipated a slight draw on supplies.

On the New York Mercantile Exchange, crude oil lost 88 cents to reach $103.06 per barrel. Reformulated blendstock gasoline prices added 0.15 cents to $2.6302 per gallon. Home heating oil gained 0.54 cents to $2.9981 per gallon. Natural gas dropped 4 cents to reach $3.51 per million British thermal units.

At the pump, the national average price of unleaded gasoline fell to $3.376 per gallon from Wednesday's $3.385, AAA's Daily Fuel Gauge Report said.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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