Wednesday, June 27, 2007

Oil Trades Little Changed After Surging on Drop in U.S. Gasoline Stocks

(Bloomberg) -- Crude oil was little changed in New
York after jumping $1 a barrel yesterday on a report showing U.S.
gasoline supplies unexpectedly declined for the first time in
eight weeks.

Stockpiles of the motor fuel fell 749,000 barrels after
imports plunged to a 10-week low last week, the U.S. government
said yesterday. Gasoline production rose as refiners raised
operating rates to a three-week high. Oil inventories, already at
a nine-year high, gained an extra 1.56 million barrels.


Read more at Bloomberg Energy News

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