Oil Rises Past $65/barrel on Supply Drop

[True_Blue]

NEW YORK (AP) -- Oil prices rose by almost $2 a barrel on Wednesday after the government reported a drop in U.S. crude inventories last week, and analysts said they expect U.S. oil demand to increase as the nation recuperates from Hurricane Katrina.

Light, sweet crude for October delivery gained $1.98 to settle at $65.09 a barrel on the New York Mercantile Exchange.

October Brent crude futures on London's International Petroleum Exchange rose $1.76 to settle at $63.37 a barrel.

Crude inventories fell 6.6 million barrels to 308.4 million in the week ending Sept. 9 from the previous week, according to the U.S. Department of Energy's weekly report released Wednesday. Crude supplies are still about 11 percent higher than a year ago.

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http://biz.yahoo.com/ap/050914/oil_prices.html?.v=24

[tabasco]

1. Anybody have good info on gas prices?? The trend?

I suppose this means it will be going up past $3 for awhile. I'm glad I drive an Echo. I can usually wait a week or so to see if it goes down.

[The_Casual_Observer]

2. Why don't they get it over with and take it up to $100 already.

It's going to get there, why mess with this tease.