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Crude oil slides to less than $97 per barrel

Oct. 30, 2013 at 3:14 PM   |   Comments

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NEW YORK, Oct. 30 (UPI) -- The price of crude oil dropped to less than $97 per barrel in New York Wednesday as a weekly inventory report noted a high supply build up in the week.

The Energy Information Administration said crude oil supplies rose by 4.1 million barrels in the week to 383,9 million barrels, the second consecutive week of a large inventory gain with supplies above the upper range for this time of year.

On the New York Mercantile Exchange, West Texas Intermediate crude dropped $1.43 to $96.77 per barrel. Home heating oil added 1.45 cents to reach $2.9786 a gallon. Reformulated blendstock gasoline gained 4.1 cents reach $2.6508 a gallon.

Natural gas dropped 1 cent to reach $3.62 per million British thermal units.

At the pump, the national average price of unleaded gasoline rose to $3.279 per gallon from Tuesday's $3.278, the AAA 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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