Crude Oil Rises Post Hurricane Sandy

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NEW YORK, (UPI) — Crude oil prices topped $86 per barrel in New York Wednesday morning, as traders assessed the impact of a major storm on the East Coast.

Demand and supplies were affected. Power outages caused by Hurricane Sandy and closing of some businesses could slow demand temporarily, while flooding at two refineries, including the second-largest on the East Coast near Philadelphia, were under scrutiny, as well.

West Texas Intermediate crude oil for December delivery added 63 cents to reach $86.31 per barrel on the New York Mercantile Exchange.

Reformulated gasoline added 4.16 cents to $2.6571 a gallon. Home heating oil added 0.63 cents to hit $3.076 a gallon.

Natural gas added 0.57 cents to reach $3.748 per million British thermal units.

At the pump, the average price for a gallon of regular unleaded gasoline was $3.521, down from Tuesday’s $3.534, AAA reported.

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