Texas News

News > Texas News > Oil rises to near $71 on gasoline drop, stocks

Oil rises to near $71 on gasoline drop, stocks

Oil prices surged to $71 a barrel Wednesday as U.S. gasoline stocks fell more than expected and rebounding shares boosted confidence in a stronger fuel demand down the road.  Benchmark crude for July delivery was up $1.89 to $70.64 a barrel at midday London time in electronic trading on the New York Mercantile Exchange. On Tuesday the contract dropped $1.46 to settle at $68.75.  Oil prices had dropped 22 percent in the past three weeks.

Gasoline supplies unexpectedly fell last week, dropping by 3.2 million barrels, the American Petroleum Institute said late Tuesday. Analysts had expected an increase of 150,000 barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
 

Texas News

The bill filed by Houston State Senator Rodney Ellis calls for a significant bump in pay for hourly workers. “...
A lawmaker whose district sits near the proposed route for a planned bullet train connecting Houston and Dallas...
A prosecutor has said after the conviction of an ex-Marine in the killing of "American Sniper" author Chris Kyle...
The Texas Department of Public Safety (DPS) is reminding Texans to drive responsibly and to take extra precautions...
Top Texas conservatives are now seemingly one-upping each other by pledging deeper and deeper tax cuts as part of...