News Column

Crude Oil Surges Past $100 a Barrel

July 5, 2013
oil tankers

Crude oil prices in New York closed in on $102 per barrel Friday morning in a continuing reaction to tensions in Egypt.

Senior Constitutional Court Judge Adly Mansour was sworn in as interim president Thursday, replacing Mohamed Morsi in a military crackdown on the Muslim Brotherhood.

The building tension had already pushed oil above $101 per barrel. Just before the Independence Day break, crude oil rose above $100 for the first time since September 2012.

On Friday morning, West Texas Intermediate crude oil added 59 cents to $101.83 per barrel on the New York Mercantile Exchange.

Reformulated blendstock gasoline added 2.15 cents to $2.8597 per gallon. Home heating oil added 2.26 cents to reach $2.9738 per gallon.

Natural gas shed 3.6 cents to $3.654 per million British thermal units.

At the pump, the average price for a gallon of unleaded regular gasoline was $3.476, down from Wednesday's $3.477, the AAA Fuel Gauge report said.

Source: Copyright UPI 2013