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Oil recoups early losses; pump price up to $3.55

Published on NewsOK Modified: February 6, 2013 at 3:03 pm •  Published: February 6, 2013
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A number of factors are at play: Higher crude oil prices, slowing output at refineries that are undergoing maintenance, and low supplies of gasoline.

Oil sold off earlier Wednesday after data released by the American Petroleum Institute, a trade group for the oil and gas industry, showed that U.S. stockpiles of crude rose by 3.6 million barrels last week. The API report is based on voluntary submissions from refineries, storage terminals and pipeline operators. Weekly updates to the government are mandatory.

A stronger dollar also weighed on oil prices by making crude more expensive for traders using other currencies. On Wednesday, the euro was down to $1.3522 from $1.3582 late Tuesday in New York.

In London, Brent crude rose 21 cents to finish at $116.73 a barrel on the ICE Futures exchange.

In other energy futures trading on Nymex:

— Wholesale gasoline rose a fraction of a cent to end at $3.04 a gallon.

— Natural gas added 2 cents to finish at $3.42 per 1,000 cubic feet.

— Heating oil lost less than a penny to end at $3.19 a gallon.

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Pablo Gorondi in Budapest contributed to this article.