Oil slips on stock buildup

May 3, 2012 at 7:53 PM
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NEW YORK, May 3 (UPI) -- The price of crude oil in New York slipped under $103 per barrel as U.S. stockpiles rose for the sixth consecutive week.

The Energy Information Administration reported inventories rose by 2.8 million barrels to 375.9 million barrels in the week ending Friday. Gasoline inventories fell by 2 million barrels to 209.7 million barrels, leaving supplies in the middle of the average range for this time of year.

Crude oil inventories are in the upper limit of the average range on a seasonal basis.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for June delivery gave up $2.65 to slide to $102.57 per barrel. Natural gas added 0.2 cents to $2.342 per million British thermal units.

Home heating oil gained 0.56 to $3.10925 per gallon.

Reformulated blendstock gasoline gave up 0.37 cents to $3.0463 per gallon.

At the pump, the national average price of unleaded gasoline was unchanged from Wednesday, holding at $3.803 per gallon, AAA said.

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