Crude oil back atop $98 per barrel

Feb. 6, 2014 at 9:24 AM
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NEW YORK, Feb. 6 (UPI) -- A winter storm in the Northeast United States pushed crude oil prices to more than $98 per barrel Thursday on the New York Mercantile Exchange.

The Energy Information Administration said distillate fuels, the category that includes heating oil, fell by 2.36 million barrels in the week, due to high demand prompted by frigid temperatures.

Crude oil inventories rose by 400,000 barrels to 358.1 million barrels, but predictably high demand was the convincing factor Thursday morning.

West Texas Intermediate, light, sweet crude oil on the New York Mercantile Exchange added 78 cents to reach $98.16 per barrel.

Reformulated blendstock gasoline prices added 3.18 cents to $2.67318 per gallon. Heating oil prices gained 1.62 cents to $3.013 per gallon.

Natural gas gained 31 cents to settle at $5.34 per million British thermal units.

At the pump, the national average price for a gallon of unleaded fell to $3.27 per gallon from Wednesday's $3.272, the AAA Daily Fuel Gauge Report said.

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