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Crude oil prices rise Thursday

Published: July 29, 2010 at 7:36 PM
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Consumer prices rise 0.7 percent nationally as shopping continues in Chicago

NEW YORK, July 29 (UPI) -- Crude oil prices jumped above $78 per barrel on the New York Mercantile Exchange Thursday, despite a stock report showing inventories surged in the latest week.

U.S. oil supplies rose 7.3 million barrels in the week ending July 23, the Energy Information Administration said.

Crude oil prices, hovering last week near $80 per barrel, did most of their adjusting overnight before tracking higher Thursday to reach $78.25 per barrel, up from an intraday low of $76.91.

August contract No. 2 heating oil prices shed 0.0042 cents from a prior settlement to $2.033 per gallon. Reformulated blendstock gasoline for August delivery lost 0.0024 cents to $2.095 per gallon.

Henry Hub natural gas prices for September rose 0.003 cents to $4.83 per million British thermal units.

At the pump, the national average price for a gallon of unleaded gasoline was $2.744 Thursday, off 0.001 cents from Wednesday's $2.745 per gallon, AAA said.


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