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

Snohomish County’s campaign to land the 797 takes off

Executive Dave Somers announced the formation of a task force to urge Boeing to build the plane here.

A decade after the recession, pain and fear linger

No matter how good things are now, it’s impossible to forget how the collapse affected people.

Panel: Motorcycle industry in deep trouble and needs help

They have failed to increase sales by making new riders out of women, minorities and millennials.

Costco rises as results display big-box retailer’s resiliency

Their model has worked in the face of heightened competition from online, brick-and-mortar peers.

For modern women, 98-year-old rejection letters still sting

In a stark new video, female Boeing engineers break the silence about past inopportunity.

Tax reform needs the public’s input on spending priorities

The GOP tax plan is a good idea, but the next step should give us a voice on how taxes are spent.

Commentary: GM, Boeing fight a war of words over Mars

Boeing is strongly signaling how crucial deep-space exploration is to its future.

Under cloud of ethics probes, Airbus CEO Enders to step down

He leaves in 2019 after 14 years. Meanwhile, aircraft division CEO Fabrice Bregier leaves in February.

$4.99 sandwich promotion irks some Subway business owners

Management insists that “most franchisees support the promotion.”

Most Read