Crude oil prices head higher

March 27, 2013 at 6:53 PM
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NEW YORK, March 27 (UPI) -- The price of crude oil held above $96 per barrel Wednesday in New York amid signals of strong demand.

The Energy Information Administration said Wednesday crude oil stockpiles rose by 3.3 million to 385.9 million barrels, keeping supplies well above the average range for this time of year. But the mood in commodity markets is bullish, with U.S. equity markets at close to record highs as part of an upswing that began early in 2013.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for May delivery added 61 cents to $96.76 per barrel.

Gasoline prices added 1.23 cents to $3.1118 per gallon. Home heating oil gained 4.79 cents to $3.0423 a gallon.

Natural gas added 4.4 cents to reach $4.084 per million British thermal units.

At the pump, the average price of a gallon of regular unleaded gasoline was $3.65 Wednesday, down from Tuesday's $3.658, the AAA Fuel Gauge Report said.

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