Crude oil tops $108
Business | Business

NEW YORK, July 18 (UPI) -- Crude oil prices jumped to more than $108 per barrel Thursday in New York, boosted by gains in equity markets and a decline in U.S. inventories..

On the New York Mercantile Exchange, West Texas Intermediate crude oil added $1.59 to $108.07 per barrel.

The price climbed for the second consecutive session. Prices rose Wednesday after the Energy Information Administration said crude oil supplies dropped by 6.9 million barrels in the week to 367 million barrels.

The EIA said supplies are in the upper level of the average range for this time of year as supplies dropped more than expected.

Reformulated blendstock gasoline added 1.39 cents to $3.124 per gallon. Home heating oil added 3.86 cents to reach $3.1098 per gallon. Natural gas added 17.3 cents to $3.802 per million British thermal units.

At the pump, the national average price for a gallon of unleaded regular gasoline was $3.669, up from Wednesday's $3.657, the AAA Fuel Gauge report said.

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