Crude oil tops $95 per barrel

May 16, 2013 at 7:36 PM
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NEW YORK, May 16 (UPI) -- Crude oil prices topped $95 per barrel in New York Thursday as an extended stock rally on Wall Street stalled for the day.

The Energy Information Administration reported a decline in stockpiles of 600,000 barrels to 394.9 million barrels. Supplies however, are above the upper limit of the average range for this time of year.

Traders are focused on demand expectations, as well. The Labor Department reported consumer prices fell 0.4 percent March to April with an 8.1 percent drop in gasoline prices that could boost driving as spring slides into summer.

On the New York Mercantile Exchange, West Texas Intermediate crude oil added 83 cents to $95.13 per barrel.

Gasoline prices added 1.8 cents to $2.8847 a gallon. Home heating oil added 2.3 cents to $2.9069 a gallon. Natural gas lost 12.3 cents to reach $3.947 per million British thermal units.

At the pump, the average price of a gallon of regular unleaded gasoline was $3.601 Thursday, up from Wednesday's $3.588, the AAA Fuel Gauge Report said.

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