Crude oil gains in New York after early declines

The price of crude oil was up slightly in New York in afternoon trade on Wednesday as March contracts for West Texas Intermediate crude added 67 cents to $74.42 per barrel on the New York Mercantile Exchange less than half an hour before the close of floor trade.

Earlier, in late morning trade, March contracts were 60 cents lower to $73.15 after US Federal Reserve Chairman Ben Bernanke issued written comments regarding the end of economic stimulus programs in the United States.

Continuing concerns about debt in some European nations and a private report on US crude inventories also pushed prices lower in morning trade.

The American Petroleum Institute reported Tuesday that US crude oil inventories were up by 7.2 million barrels last week while US Energy Information Administration stockpiles data, due today, were delayed until Friday after a snowstorm on the US East Coast kept government offices shuttered.

Nymex March gasoline futures were down 3 cents in afternoon trade to $1.90 per gallon, while March heating oil traded about even at $1.94 per gallon and March natural gas added cent to $5.30 per million British thermal units.