NEW YORK (AP) Oil prices are climbing after the government said U.S. supplies increased less than the industry estimated. Benchmark U.S. crude rose $1.05 to $102.07 per barrel.
The American Petroleum Institute, a trade group representing major oil companies, said late Tuesday that U.S. oil supplies likely increased by 6.6 million barrels last week. That briefly pushed down prices overnight.
But prices started climbing again after a government report on Wednesday said the industry estimate was too high. Supplies grew by less than half that amount, at 2.8 million barrels, the Energy Information Administration said.
Meanwhile, retail gasoline prices fell by less than a penny to $3.915 per gallon.
