Oil gains on anticipation of U.S. supply drop

The price of oil rose Tuesday as traders anticipated a report showing another decline in U.S. supplies.

Benchmark U.S. crude for June delivery gained $1.11 to $101.70 a barrel on the New York Mercantile Exchange, the highest close since April 24.

Meanwhile, the average price for a gallon of gasoline in the U.S. fell to $3.64, the lowest in almost a month.

On Wednesday, the Energy Department is expected to report that U.S. crude oil supplies fell last week by 1.5 million barrels, according to a survey of analysts by Platts. It would be the second weekly decline since the nation’s supply of oil reached a record 399.4 million barrels as of April 25.

Brent crude rose 75 cents to $108.54 a barrel on the ICE exchange in London.

In other energy futures trading in New York:

— Wholesale gasoline gained 2 cents to $2.93 a gallon.

— Natural gas fell 8 cents to $4.36 per 1,000 cubic feet.

— Heating oil added 3 cents to $2.94 a gallon.

More in Herald Business Journal

Teddy, an English bulldog, models Zentek Clothing’s heat regulating dog jacket. (Ian Terry / The Herald)
Everett clothing company keeps your dog cool and stylish

Zentek uses space-age fabrics to moderate the temperature of pets and now humans.

Everett engineers learn lessons from Mexico City catastrophe

Structural scientists went to help after the September earthquake there and studied the damage.

Providence said to be in talks for merger with Ascension

The two Catholic health organizations have been exploring joining forces, sources say.

Hospital companies merge as insurers encroach on their turf

An anticipated deal between Providence St. Joseph Health and Ascension is only the latest.

DaVita to sell off medical groups including The Everett Clinic

Another round of health care consolidation means The Everett Clinic could soon get new ownership.

Engine trouble hits Air New Zealand’s 787 Dreamliners

A Rolls-Royce engine was shut down and was afterward found to be seriously damaged.

Washington, Amazon sue company over seller training programs

Braintree is accused of using deceptive ads promising information on how to make money on Amazon.

Lockheed-Martin dominates global arms sales, Boeing is 2nd

The combined sales of U.S.-based companies totaled $217 billion.

The Marine Corps’ version of the F-35 Joint Strike Fighter is designed to land vertically like a helicopter. (Lockheed Martin)
F-35 fighter costs, $1 trillion over 60 years, draw scrutiny

Pentagon’s ability to repair F-35 parts at military depots is six years behind schedule.

Most Read