Crude oil holds higher than $87

Crude oil prices climbed held at more than $87 per barrel Thursday morning after two central banks relaxed their lending rates. The European Central Bank cut its lending rate from 1 percent to an historic low of 0.75 percent. In Beijing, the People's Bank of China cut its one-year bank-to-bank rate from 6.3 percent to 6 percent. In New York, West Texas Intermediate crude oil shed 5 cents on the New York Mercantile Exchange to $87.61 per barrel. Home heating oil prices added 0.9 cents to $2.908 per gallon. Reformulated blendstock gasoline hit $2.7819 per gallon, up 5.9 cents. Natural gas for July delivery reached $2.907 per million British thermal units, up 0.8 cents. At the pump, the national average price of unleaded gasoline rose to $3.338 per gallon Thursday from Wednesday's $3.336, AAA said.