Thursday, 30 June 2011
Crude oil steady near $95
NEW YORK, June 30 (UPI) -- Crude oil prices were steady in New York overnight holding close to $95 per barrel with help from a rebound in equities.
The Dow Jones industrial average closed higher Wednesday for the third consecutive trading session. Markets in Asia and Europe headed higher Thursday.
Oil prices jumped 2 percent in the previous session as the Energy Information Administration reported U.S. oil inventories dropped by 4.4 million barrels to 359.5 million barrels in the week ending June 24.
The drop exceeded expectations and the market remained bullish overnight.
Thursday morning, the price of West Texas Intermediate crude for August delivery on the New York Mercantile Exchange reached $94.84 per barrel after hitting an overnight high of $95.44.
Earlier in the week, prices were at a four-month low below $90 per barrel.
Home heating oil prices added 0.52 cents Thursday to $2.9399 per gallon. Reformulated gasoline prices gained 0.47 cents to $2.9396 per gallon.
Henry Hub natural gas prices lost 8.6 cents to $4.229 per million British thermal units.
At the pump, the national average price of unleaded gasoline lost 0.2 cents Thursday to reach $3.541 per gallon, AAA said.
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