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Crude oil drops modestly Thursday

Oct. 31, 2013 at 3:27 PM   |   Comments

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NEW YORK, Oct. 31 (UPI) -- The price of crude oil dropped modestly Thursday, giving up 49 cents to $96.28 with pressure coming from a well-supplied market.

The Energy Information Administration said Wednesday crude oil supplies added 4.1 million barrels to 383.9 million barrels in the week, the second dramatic gain in two weeks. Inventories remain at more than the upper range for this time of year.

On the New York Mercantile Exchange, home heating oil lost 1.08 cents to reach $2.9678 a gallon. Reformulated blendstock gasoline gained 2.39 cents reach $2.6337 a gallon.

Natural gas lost 4 cents to reach $3.58 per million British thermal units.

At the pump, the national average price of unleaded gasoline was unchanged overnight, holding at $3.279 per gallon, 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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