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Oil price edges up on supply drop expectations

🕐 1 min read

The Associated Press

The price of oil ticked higher to near $103 a barrel on Wednesday as traders anticipated a decline in U.S. supplies of crude.

Benchmark U.S. oil for July delivery was up 17 cents to $102.83 a barrel at 0725 GMT in electronic trading on the New York Mercantile Exchange. The contract rose 19 cents to close Tuesday at $102.66.

Brent crude, a benchmark for international oils, gained 7 cents to $108.89 a barrel on the ICE exchange in London.

A report due later Wednesday on U.S. supplies for the week ended May 30 is expected to show a decline of 2 million barrels in crude oil stocks and an increase of 2 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

In other energy futures trading on Nymex:

— Wholesale gasoline was steady at $2.949 a gallon.

— Natural gas rose 0.1 cent to $4.63 per 1,000 cubic feet.

— Heating oil rose 0.2 cent to $2.868 a gallon.

 

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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