News Column

Crude Oil Tops $105

July 10, 2013
offshore drilling rig

Crude oil prices topped $105 per barrel in New York, as traders expect an inventory decline in Wednesday afternoon's Energy Information Administration report.

West Texas Intermediate crude added $1.62 on the New York Mercantile Exchange to reach $105.15 per barrel.

On Tuesday, prices jumped after the American Petroleum Institute said crude inventories fell by 9 million barrels, close to three times the draw that was expected.

Prices also remain elevated as political tensions in Egypt threaten to disrupt supplies.

Reformulated blendstock gasoline gained 4.23 cents to $2.9683 per gallon. Home heating oil added 0.88 cents to reach $2.9945 per gallon.

Natural gas gained 6 cents to $3.717 per million British thermal units.

At the pump, the average price for a gallon of unleaded regular gasoline was $3.501, up from Tuesday's $3.483, the AAA Fuel Gauge report said.

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Source: Copyright UPI 2013

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