NEW YORK, April 12 (UPI) -- Crude oil prices climbed past $103 Thursday on the New York Mercantile Exchange, despite a reported buildup in world supply.
The International Energy Agency said it sensed "a turning of the tide for market fundamentals with an implied first quarter 2012 global stock build of 1.2 million barrels per day."
The IEA said the Organization of Petroleum Exporting Countries added production in the first quarter in advance of sanctions against Iran for its alleged nuclear weapons program.
"Unplanned stoppages" curbed first quarter non-OPEC supply ... but gradual recovery is expected for the rest of the year," the IEA said.
In New York, West Texas Intermediate crude oil for May delivery added 91 cents overnight to $103.73 per barrel. Home heating oil prices gained 2.1 cents to $3.1359 per gallon. Reformulated blendstock gasoline rose by 2.77 cents to $3.3232 per gallon.
Natural gas prices added 1.7 cents to $2.001 per million British thermal units.
At the pump, the national average price of unleaded gasoline fell to $3.907 per gallon from Wednesday's $3.915, AAA said.
Some experts say gas prices have peaked for the year but warn even a small supply disruption -- or even the threat of one -- could send prices higher.
