Oil Futures Rise Above $70 a Barrel on Supply Concerns

[jpak]

http://biz.yahoo.com/ap/070628/oil_prices.html?.v=18

NEW YORK (AP) -- Oil futures rose above $70 a barrel in New York trading Thursday for first time since Sept. 1 and retail gasoline prices stopped falling after a government report showed that gasoline inventories dropped unexpectedly just as the summer driving season is about to peak.

Light, sweet crude for August delivery gained $1.21 to $70.19 a barrel on the New York Mercantile Exchange. The front month contract last settled above $70 on Aug. 31.

Retail gasoline prices held steady overnight at a national average price of $2.975 a gallon, according to AAA and the Oil Price Information Service. Gas prices had been falling steadily since their May 24 peak of $3.227 a gallon. Analysts have said pump prices could start rising again if gasoline inventories don't increase.

Gasoline futures for July rose 1.84 cents to $2.273 a gallon on the Nymex. Brent crude for August delivery rose 40 cents to $70.93 a barrel on the ICE Futures exchange in London.

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[glowing]

1. Of course the future's went up, just in time for the 4th of July..n/t

[4dsc]

2. gas rose .10 in my town

I left town two day ago and returned to find gas creeping up again.. Cannot be too long before we hit $4!!