Crude prices gain on supply worries

The price of crude oil was higher on Friday as investors figure that US inventories aren’t as abundant as Thursday’s Energy Information Administration made them seem.

Details of the report show that most of the buildup in stockpiles were on the West Coast of the US and isolated from the rest of the nation.

In addition, OPEC member nation Veneuezla’s oil minister said ahead of a meeting of OPEC-member heads of state in Riyadh, Saudia Arabia that there is no reason for the cartel to hike production.

December contracts for West Texas Intermediate crude were $1.17 higher to $94.60 per barrel near the close of floor trade on the New York Mercantile Exchange, while earlier in the session January WTI contracts added $1.48 to $93.55 per barrel.

Brent crude for January delivery was up $1.14 to $91.37 per barrel on the ICE Futures Europe exchange in London.

Nymex December gasoline was up 4 cents to $2.38 per gallon while January heating oil gained 3 cents to $2.60 per gallon and January natural gas jumped 26 cents to $8.34 per million British thermal units.

In one optimistic note for consumers in the United States, the at-the-pump price for gasoline dropped 0.3 cent to $3.109 per gallon after several days of increases that were less than they had been recently, good news for the estimated 31.2 million travelers who will be on the road for next week’s Thanksgiving holiday.

On the other hand, a spokesman for the American Automobile Association pointed out that higher demand over the holiday could push prices up.