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 Harris County Sheriff's Office is investigating the death of a 4-year-old boy who was fatally shot in the head...
A wayward manatee is receiving medical care in San Antonio after about a dozen people hauled the 1,000-pound...
A Harris County grand jury has indicted a county investigator accused of stealing hundreds of thousands of dollars...
San Antonio police have charged a couple who they say prostituted an underage girl who ran away from home. Officer...
A man whose records show he's been schizophrenic for decades is one week away from execution. The Texas Court of...