Crude Oil Prices Rise As Stockpile Drops

Crude oil prices rose Wednesday on news that U.S. stockpiles had declined by 4.6 million barrels during the week.

The nation’s 302.2 million barrel inventory is near the lower boundary of the average range for this time of year, the U.S. Energy Information Administration said.

The figure left less of a cushion for the United States to absorb supply problems, should they arise, and gave rising global demand a tangible context, given the oil not stockpiled here is being sold elsewhere.

On the New York Mercantile Exchange, crude oil prices rose nearly $4 Wednesday to $136.73 per barrel. The price of heating oil gained 0.0082 cents to $3.983 per gallon. Reformulated blendstock gasoline prices climbed 0.0107 cents to $3.4765 per gallon. Natural gas prices rose 0.025 cents to $12.685 per million British thermal units.

At the pump, the national average price for a gallon of unleaded gasoline set a record at $4.052 per gallon, up from Tuesday’s $4.043 per gallon price, AAA said.