News Column

Strong Crude Oil Supply Steadies Prices

Dec. 10, 2012
Crude Oil

Crude oil prices rose marginally over $86 per barrel in New York over the weekend in what traders are finding is a well-supplied market.

The U.S. Energy Information Administration said in a recent report that oil production in Texas and North Dakota surged in September, rising 16 percent over September 2011 or by 900,000 barrels to 6.5 million barrels a day. That is the highest domestic production rate since January 1998.

On the New York Mercantile Exchange, West Texas Intermediate crude oil added 50 cents to $86.43 per barrel. Home heating oil added 0.36 cents to reach $2.9189 a gallon. Reformulated blendstock gasoline gained 1.75 cents to $2.6149 a gallon. Natural gas fell 1.05 cents to $3.446 per million British thermal units.

At the pump, AAA reported a national average price for regular unleaded gasoline at $3.34 per gallon, down from Sunday's $3.347.

Source: Copyright United Press International 2012

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