West Texas Intermediate crude oil prices swung higher Thursday in New York after the market tested prices of less than $103 per barrel.
Crude oil on the New York Mercantile Exchange dipped to $102.50 per barrel Wednesday after an afternoon report from the Energy Information Administration said U.S. supplies rose by 2.6 million barrels in the week to reach 358.3 million.
It was a long drop from $110 per barrel, which was a price provoked by international tension in the Middle East, including saber rattling in Washington related to the use of chemical weapons in Syria and strikes at oil-exporting ports in Libya.
Both of those issues have largely moved into the background, leaving oil to seek a new level.
Oil regained 45 cents Thursday to reach $103.11 per barrel. Reformulated blendstock gasoline prices gained 1.73 cents to $2.6902 per gallon. Home heating oil gained 2.24 cents to $2.9955 per gallon. Natural gas was steady at $3.49 per million British thermal units.
At the pump, the national average price of unleaded gasoline fell to $3.434 per gallon Thursday from Wednesday's $3.447, AAA's Daily Fuel Gauge Report said.