Crude Oil Prices Approach $81 Per Barrel

NEW YORK, March 25 (UPI) — Crude oil prices for May delivery climbed to nearly $81 per barrel overnight in New York despite sharply rising U.S. inventories.

The U.S. Energy Information Administration said Wednesday crude oil supplies rose by 7.3 million barrels in the week ending March 19.

Light, sweet crude oil prices dipped lower, then rebounded, gaining 31 cents from a recent settlement to $80.92 per barrel on the New York Mercantile Exchange.

May delivery heating oil futures added 0.0073 cents to $2.078 per gallon. Reformulated gasoline blendstock for May gained 0.0049 cents to $2.2274 per gallon. Henry Hub natural gas prices for May lost 0.027 cents to $4.078 per million British thermal units.

At the retail level, the average national price for unleaded regular gasoline was $2.813 per gallon Thursday, down from Wednesday’s $2.816, AAA said.

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