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VOL. 36 | NO. 30 | Friday, July 27, 2012




Oil prices rise on surprise supply drop

CHRIS KAHN, Associated Press

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NEW YORK (AP) — The price of oil climbed to near $89 per barrel Wednesday after the government said supplies have dropped more than analysts expected.

Benchmark U.S. crude rose by 77 cents to $88.83 per barrel in New York, while Brent crude added $1.36 to $106.26 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.

The economic news was mixed on Wednesday. The Commerce Department said that construction spending rose in June. But U.S. manufacturing activity fell in July and surveys showed that manufacturing activity barely grew in China.

Traders are waiting for the Federal Reserve to wrap up a two-day meeting Wednesday afternoon. They'll be looking for clues about whether the Fed will take new measures to stimulate the economy. Ben Bernanke and other Fed policymakers have said they'll do what's necessary to spark more growth, but economists are betting that it will wait until September before making any announcements.

Meanwhile, retail gasoline prices jumped 2.1 cents to a national average of $3.521 per gallon, according to AAA, Wright Express and Oil Price Information Service.

In other futures trading, heating oil rose 2.1 cents to $2.869 per gallon, while wholesale gasoline rose by 6.05 cents to $2.8348 per gallon. Natural gas fell by 6 cents to $3.15 per 1,000 cubic feet.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0