Business News - Oil prices gain slightly Wednesday morning

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Oil prices gain slightly Wednesday morning

NEW YORK (UPI) -- Crude oil prices gained slightly to more than $141 a barrel Wednesday in New York after the International Energy Agency said supply capacity was narrowing.

An IEA report released Tuesday said demand for oil would grow an average 1.6 percent a year through 2013 but that increases in supplies would slow after 2011.

On the New York Mercantile Exchange, crude oil prices gained 40 cents Wednesday to $141.37 per barrel. The price of heating oil fell 0.0007 cents to $3.9428 per gallon. Reformulated blendstock gasoline prices fell 0.0024 cents to $3.511 per gallon. Natural gas prices rose 0.142 cents to $13.647 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.

Copyright 2008 by United Press International

This news arrived on: 07/02/2008

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