Oil Tops $68 on Gasoline Supply Concerns
The Associated Press
NEW YORK - Crude oil and gasoline prices rose Wednesday after a government report showed gasoline inventories unexpectedly shrinking last week.
Heating oil prices also increased after a surprising decline in distillate stocks.
Light, sweet crude for August delivery on the New York Mercantile Exchange gained 31 cents to $68.08 a barrel in morning trading. The contract had fallen $1.41 on Tuesday.
Brent crude futures edged up a penny to $70.18 on London's ICE Futures exchange.
Gasoline futures rose less than a half-cent to $2.2515 a barrel.
The Energy Department reported Wednesday that gasoline inventories dropped 700,000 barrels in the week ended June 22, contrary to the 1.1 million gain that had been expected by analysts polled by Dow Jones Newswires. Total gasoline stocks are well below the lower end of average for this time of year.
This news bumped up the price to the upper edge of the little flag shown on the chart.
The obvious point of interest is whether this breaks out tomorrow and has another shot at $70 on the August contract