Crude oil tops $97 per barrel

March 28, 2013 at 6:52 PM
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NEW YORK, March 28 (UPI) -- The price of crude oil climbed above $97 Thursday in New York as equities made gains on Wall Street.

The Energy Information Administration said Wednesday crude oil stockpiles rose by 3.3 million to 385.9 million barrels, which will serve to keep gains in check.

Traders are looking for signs of trouble in the eurozone, where political instability in Italy and bailout uncertainty in Cyprus are making headlines.

The undertone of the market, however, is upbeat, as equities in the United States have trended higher since the start of the year.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for May delivery added 37 cents to $97.13 per barrel.

Gasoline prices gained 0.1 cents to $3.1128 per gallon. Home heating oil gave up 0.46 cents to $3.0377 a gallon.

Natural gas dropped 5.9 cents to reach $4.025 per million British thermal units.

At the pump, the average price of a gallon of regular unleaded gasoline was $3.645 Thursday, down from Wednesday's $3.65, the AAA Fuel Gauge Report said.

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