Crude oil Jumps to $110 per Barrel in Reaction to Pipeline Blast

Crude oil futures crossed the $110 per barrel mark on Thursday in reaction to the news of pipeline blast in Saudi Arabia. The news was reported the Iranian television however Saudi officials denied the incident.

Crude oil futures contract for April delivery gained 1.7 percent or $1.77 to settle at $108.84 per barrel on the New York Mercantile Exchange. Weaker greenback also helped in appreciation of oil prices.

Among other energy products, gasoline futures for April delivery surged 2.9 percent or $0.09 to settle at $3.35 per gallon. This was the highest settlement for gasoline since May 10th, 2011. Heating oil for April delivery gained 2.2 percent or $0.07 to settle at $3.27 per gallon.

Energy Information Administration also released its data on natural gas supplies on Thursday according to which natural gas supplies decrease by 82 billion cubic feet for the week ending February 24th, 2012 while analysts forecasted the decrease between 90 to 94 billion cubic feet.

Natural gas futures contract for April delivery fell 5.9 percent or $0.15 to settle at $2.64 per million British thermal units.


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