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 U.S. Supreme Court justice best known for his silence on the bench stood before an East Texas audience to...
A 27-year-old South Texas man has been sentenced to more than six years in prison for smuggling munitions such as...
A state appeals court has ruled that attorneys for a North Texas teen who killed four people in a drunken crash...
CORPUS CHRISTI, Texas (AP) - A 70-year-old South Texas county hospital could be demolished to make way for a new...
AUSTIN, Texas (AP) - As Texas mulls new social studies books for its 5-plus million public school students, some...