Crude oil bolts to more than $100

Feb. 7, 2014 at 5:55 PM
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NEW YORK, Feb. 7 (UPI) -- Crude oil prices bolted to more than $100 per barrel Friday, as traders took their cue from a two-day rally in equities.

"It may mean that crude is looking to the equity markets for some guidance as to forward demand," Andy Lebow, senior vice president for energy at Jefferies Bache, told the Wall Street Journal.

Oil traders shrugged off a disappointing jobs report, sending West Texas Intermediate crude oil to a peak for the year.

On the New York Mercantile Exchange, light, sweet crude oil added $2.30 to reach $100.14 per barrel.

Reformulated blendstock gasoline prices were up 10.29 cents to $2.7442 per gallon. Heating oil prices gained 5.1 cents to $3.0461 per gallon.

Natural gas dropped 16 cents to settle at $4.77 per million British thermal units.

At the pump, the national average price for a gallon of unleaded fell to $3.269 per gallon from Thursday's $3.27, the AAA Daily Fuel Gauge Report said.

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