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Oil Prices Gain On Inventory Drop
Friday, 04-Jul-2008 4:16AM United Press International
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NEW YORK, July 2 (UPI) -- Crude oil prices plowed into new territory Wednesday in New York after the U.S. Energy Information Administration said U.S. stockpiles had declined.

SAVE MONEY ON TRAVEL DEALS

The weekly report said inventories dropped by 2 million barrels in the week ending June 27.

On the New York Mercantile Exchange, crude oil prices reacted accordingly, jumping $2.69 to a record $144.72 per barrel.

The price of heating oil rose 0.0104 cents in late trading to $4.0819 per gallon. Reformulated blendstock gasoline prices rose 0.0106 cents to $3.56 per gallon. Natural gas prices rose 0.019 cents to $13.408 per million British thermal units.

At the pump, the national average price for a gallon of unleaded gasoline was up 0.005 cents to $4.092 per gallon, AAA said.

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