Crude rallies back to $71
A decline in U.S. supplies provides market support. The U.S. average pump price rises for a 50th straight day
Crude oil, which had fallen to as low as $69 a barrel this morning in New York, rallied late in the day and closed up 56 cents to $71.03, its first gain in four days.
The rally came as the government reported a larger-than-expected decline in domestic supplies.
But energy shares were mostly lower.
Dow component Chevron (CVX, news, msgs) was off 1.5% to $68.83. Offshore driller Transocean (, news, msgs) fell 1.5% to $77.58. The Amex Oil Index($XOI.X) fell 1.8% to 932. The Philadelphia Oil Service Sector Index($OSX) fell 2.8% to 168.
The Energy Information Administration said oil supplies fell by a bigger-than-expected 3.9 million barrels last week. Gasoline supplies rose by 3.4 million barrels, and distillate supplies rose by about 300,000 barrels.
AAA's Daily Fuel Gauge Report said the national retail pump price for gasoline was $2.679 a gallon, up slightly from Tuesday. It was the 50th straight day of increases at the pump.
|Energy prices -- New York close|
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[BRIEFING.COM] At midday, the major averages hover just below their best levels of the session. The Nasdaq (+0.8%) leads, while the S&P 500 trades higher by 0.7% with all ten sectors showing gains.
The stock market began the session on a modestly higher note after overnight action did little to upset the sentiment. China reported its Q1 GDP, but the announcement was a bit of a mixed bag as the annualized reading of 7.4% beat estimates (7.3%), while the quarter-over-quarter growth of ... More
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