Crude oil prices rebounded Wednesday morning, closing in on $100 per barrel as stocks markets showed gains in Asia and Europe.
A weekly U.S. inventory report is issued late Wednesdays. A rise before the report, like the tail wagging the dog, can indicate that traders believe supplies are down.
Light, sweet crude oil on the New York Mercantile Exchange added $1.31 overnight to reach $99.62 per barrel. Home heating oil gained 0.33 cents to $3.1942 per gallon. Reformulated blendstock gasoline gained 1.04 cents to $2.9379 per gallon.
Natural gas prices gained 0.2 cents to $2.474 per million British thermal units.
At the pump, the national average price of unleaded gasoline rose to $3.483 per gallon Wednesday from Tuesday's $3.48, AAA said.