64°
Baton Rouge, Louisiana
3 Day Outlook
Wed
84°
67°
10%
Thu
85°
67°
40%
Fri
87°
58°
10%

Latest Weather Blog

Follow our weather team on social media

Oil prices rise on surprise supply drop

2 years ago Wednesday, August 01, 2012 9:00:45 AM CDT August 01, 2012 Wednesday, August 01 2012 Aug 1, 2012 in News
Source: Associated Press

NEW YORK - The price of oil is climbing after the government said supplies have dropped more than analysts expected.

Benchmark U.S. crude rose 76 cents to $88.82 per barrel in New York on Wednesday, while Brent crude added $1.11 to $106.03 per barrel in London.

Prices rose after the Energy Information Administration said U.S. oil stockpiles fell by a surprising 6.5 million barrels last week - four times what analysts expected. Gasoline supplies also dropped unexpectedly last week, according to the EIA.

Government reports also said that construction spending rose in June and U.S. manufacturing activity fell in July.

Meanwhile, retail gasoline prices jumped 2.1 cents to a national average of $3.521 per gallon.

More News

comments powered by Disqus

Desktop News

Click to open Continuous News in a sidebar that updates in real-time.
5 Days
Radar
Today
Partly Cloudy
83°
61°
Wed
Mostly Cloudy
84°
67°
Thu
AM T-Storms
85°
67°
Fri
Partly Cloudy
87°
58°
Sat
AM Clouds / PM Sun
76°
53°