Oil Gains on Anticipation of US Supply Drop

The price of oil rose Tuesday, as traders anticipated a report showing another decline in U.S. supplies.

Benchmark U.S. crude for June delivery gained $1.11 to $101.70 a barrel on the New York Mercantile Exchange, the highest close since April 24.

Meanwhile, the average price for a gallon of gasoline in the U.S. fell to $3.64, the lowest in almost a month.

On Wednesday, the Energy Department is expected to report that U.S. crude-oil supplies fell last week by 1.5 million barrels, according to a survey of analysts by Platts. It would be the second weekly decline since the nation’s supply of oil reached a record 399.4 million barrels as of April 25.

Brent crude rose 75 cents to $108.54 a barrel on the ICE exchange in London.

In other energy futures trading in New York:

— Wholesale gasoline gained 2 cents to $2.93 a gallon.

— Natural gas fell 8 cents to $4.36 per 1,000 cubic feet.

— Heating oil added 3 cents to $2.94 a gallon.

This article appeared in print in the May 14th, 2014 edition of Hamodia.