NEW YORK, Mar 4, 2009 (UPI via COMTEX) -- Crude oil prices jumped on the New York Mercantile Exchange Wednesday as supply concerns overtook the dynamic of declining demand.
The U.S. Energy Information Administration releases an oil inventory report Wednesday. Supplies have risen for the past month, but traders are betting the trend will reverse itself.
Crude oil prices gained $2.57 overnight to $44.22 per barrel. Heating oil prices gained 0.0394 cents to $1.219 per gallon. Reformulated blendstock gasoline rose 0.0353 cents to $1.3547 per gallon. Natural gas prices dropped 0.11 cents to $4.172 per million British thermal units.
At the pump, the average price for a gallon of regular unleaded gasoline was $1.933 Wednesday, unchanged from Thursday, AAA said.
