AJC: Oil rises to near $89 a barrel on supplies report
NEW YORK — A weaker dollar and an unexpectedly large drop in U.S. supplies of gasoline and other fuels are boosting oil to its highest level in nearly two weeks.
Benchmark West Texas Intermediate crude for September delivery gained $2.01, or 2.3 percent, at $88.66 per barrel on the New York Mercantile Exchange. Brent crude, which is used to price many international oil varieties, added $2.25 to $111.38 per barrel on the ICE Futures exchange in London.
Crude jumped following a report late Tuesday by the American Petroleum Institute that gasoline and distillate fuel supplies dropped more than expected. API also said that oil supplies unexpectedly rose.
The Energy Information Administration will release official supply statistics later Wednesday.
Meanwhile, retail gasoline prices slipped to a national average of $3.584 per gallon.
