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Aug. 14, 2013 / 4:42 PM

Crude oil hovers under $107

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NEW YORK, Aug. 14 (UPI) -- Crude oil for September hovered at slightly less than $107 per barrel in New York Wednesday as U.S. inventories dropped in the week that ended Saturday.

The Energy Information Administration said stockpiles of crude oil dropped by 2.8 million barrels to 360.5 million. Gasoline inventories dropped by 1.2 million barrels to 222.4 million barrels.

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On Wednesday on the New York Mercantile Exchange, West Texas Intermediate crude reached a peak of $106.89, up 6 cents. Reformulated blendstock gasoline added 4.38 cents to reach $2.9863 per gallon. Home heating oil gained 0.42 cents to reach $3.0513 per gallon.

Natural gas added 5.7 cents to $3.342 per million British thermal units.

At the pump, the national average price for a gallon of unleaded regular gasoline was $3.539 down from Tuesday's $3.542, the AAA Fuel Gauge report said.

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