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Crude oil reacts to drawdown
Crude oil prices rose above $97 per barrel Wednesday with the government reporting a substantial draw in U.S. inventories during the week.
U.S. stockpiles dropped by 5.4 million barrels to 360.7 million barrels in the week ending Saturday, the Energy Information Administration said.
Supplies remain above the upper limit of the average range for this time of year, but the drawdown was still more than expected.
West Texas Intermediate crude oil for September delivery added 46 cents to $97.18 per barrel on the New York Mercantile Exchange. Natural gas gained 3.2 cents to $2.858 per million British thermal units.
Home heating oil gained 0.92 cents to $3.1379 per gallon.
Reformulated blendstock gasoline added 1.56 cents to $3.1198 a gallon.
At the pump, the average price for a gallon of regular unleaded gasoline was $3.716 per gallon Wednesday, down from Tuesday’s $3.717, AAA reported.
Copyright 2012 by United Press International