US pump prices rise above $3 per gallon

Crude oil prices were lower near the close of floor trade in New York on Thursday, but crude prices in London and at-the-pump prices in the US were higher, cresting the $3 per gallon level on average.

The American Automobile Association and the Oil Price Information Service, meanwhile, reported that US prices for gasoline at the pump were up 1.8 cents overnight to $3.061 per gallon.

West Texas Intermediate crude for December delivery had dropped $1.12 to $95.25 per barrel shortly before the end of the session on the New York Mercantile Exchange while December contracts for Brent crude added 36 cents to $92.90 per barrel on the ICE Futures Europe exchange in London.

Part of the increases had to do with platform shutdowns in the North Sea, while a refinery in Port Arthur, Texas, reported a fire and power outage with no indication of how much production there will be affected.

Nymex December gasoline traded even at $2.44 per gallon while December heating oil dropped 1 cent to $2.61 per gallon.

Natural gas December contracts added 2 cents to $7.65 per million British thermal units.