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Crude oil closes flat Friday

Nov. 15, 2013 at 3:17 PM   |   Comments

NEW YORK, Nov. 15 (UPI) -- Crude oil prices were flat in New York Friday, holding under $94 per barrel while equity markets aimed for new closing highs.

The Dow Jones industrial average and the Standard & Poor's index were both poised to close at record highs after Federal Reserve Vice Chairwoman Janet Yellen at her Senate Banking Committee nomination hearing Thursday, said she would continue with the Fed's quantitative easing program, which is putting pressure on long-term interest rates and providing liquidity in financial markets.

Yellen has been nominated by President Obama to take over the head Federal Reserve post when Ben Bernanke steps down as chairman in January.

On the New York Mercantile Exchange, West Texas Intermediate, light, sweet crude shed 3 cents to $93.73 per barrel. Reformulated gasoline shed 3.03 cents to reach $2.6534 a gallon.

Home heating oil gained 0.71 cents to hit $2.9377 gallon.

Natural gas gained 5 cents to $3.66 per million British thermal units.

At the pump, the national average price of unleaded gasoline rose for the third consecutive day, climbing to $3.199 per gallon, up from Thursday's $3.194, 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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