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Oil rises past $106 after US denies plan to release crude supplies
NEW YORK (AP) ' Oil markets were calmer Friday, a day after the government denied reports that the U.S. and the U.K. plan to release some of their strategic crude reserves.
Benchmark oil for April delivery rose $1.14 to $106.25 a barrel in afternoon trading on the New York Mercantile Exchange. In London, Brent crude for May delivery rose $1.92 to $124.52 per barrel on the ICE Futures exchange in London.
Oil briefly dropped near $104 per barrel Thursday on those reports before recouping most of the losses when the White House said there was no plan to provide more crude to markets.
In other energy trading, natural gas, which has been trading at prices not seen since 2002, rose 4 cents to $2.32 per 1,000 cubic feet. Heating oil rose 5 cents to $3.27 per gallon and gasoline futures gained 6 cents to $3.35 per gallon.