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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|(per gallon; AAA)|
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[BRIEFING.COM] The major averages have climbed off their lows, but they continue to trade in the red. The S&P 500 is off by 0.7% with financials and utilities leading to the downside.
In the financial sector, major components trade lower across the board while the broader SPDR Financial Select Sector ETF (XLF 19.62, -0.20) sports a loss of 1.0%.
Elsewhere, the utilities space is lower by 2.1% amid weakness in all sector components.
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