News Column

Crude Oil Heads Higher

July 12, 2013
Crude Oil

Crude oil prices headed toward $106 per barrel in New York despite an announcement from Egypt that political tension there is not a threat to supply lines.

Interim Egyptian Prime Minister Hazem el-Beblawi said the Suez Canal would remain open, enabling oil supplies to pass through, and that next week he would name a new Cabinet, CNN reported.

West Texas Intermediate crude oil gained 72 cents to $105.63 per barrel.

Reformulated blendstock gasoline added 4.27 cents to $3.0641 per gallon. Home heating oil gained 1.1 cents to reach $3.006 per gallon.

Natural gas added 2.2 cents to $3.635 per million British thermal units.

At the pump, the average price for a gallon of unleaded regular gasoline was $3.55, up from Thursday's $3.518, the AAA Fuel Gauge report said.

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Source: Copyright UPI 2013. Distributed by MCT Information Services

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