Crude oil prices climbed to nearly $125 a barrel Thursday on the New York Mercantile Exchange after dipping on a report that U.S. oil inventories had increased.

The U.S.Energy Information Administration said Wednesday distillate fuel supplies, which includes heating oil, had risen by 1.4 million gallons on the week ending May 9.

On the exchange Thursday, crude oil prices gained 68 cents to $124.90. Heating oil prices, down briefly Wednesday, gained 0.0631 cents to $3.6809 per gallon. Reformulated blendstock gasoline prices gained 0.0145 cents to $3.1949 per gallon. The price of natural gas fell 0.014 cents to $11.584 per million British thermal units.

At the pump, the national average price for a gallon of unleaded climbed to a record $3.776 per gallon, up from Wednesday's $3.758 per gallon, AAA reported.

Copyright 2008 by United Press International


Publication date: 15 May 2008   

Source: UPI-1-20080515-07551300-bc-us-energyprices.xml

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