Oil prices up as crude in storage falls

Oil prices climbed above $73 a barrel Wednesday, tugged higher mostly by a rising stock market and a falling dollar.

Benchmark crude for January delivery added 67 cents to $73.29 on the New York Mercantile Exchange. In London, Brent crude for January delivery rose a penny to $75.20 on the ICE Futures exchange.

The government also released a' mixed report on U.S. fuel supplies. The Energy Information Administration said U.S. crude supplies dropped last week, though analysts said that typically happens toward the end of the year as refineries cut down on their inventories.

The report also noted that gasoline supplies increased while the nation's consumption of petroleum products fell to its lowest level since the week of July 10.

With little direction from the EIA, the falling dollar helped boost oil prices. Crude is priced in U.S. currency, and a drop in the greenback makes it easier for investors holding foreign currencies to buy energy commodities.

At the pump, retail gas prices dipped slightly to a new national average of $2.633 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service. A gallon of regular unleaded is 3.1 cents cheaper than it was last month, but it is 93.5 cents more expensive than a year ago.

In other Nymex trading in January contracts, heating oil lost less than a penny to $1.983 a gallon while gasoline lost less than a penny to $1.9225 a gallon. Natural gas gave up 5.7 cents to $5.057 per 1,000 cubic feet.

businessBusiness & Real Estate

Just Posted

On Sunday, California bore the brunt of what meteorologists referred to as a bomb cyclone and an atmospheric river, a convergence of storms that brought more than half a foot of rain to parts of the Bay Area, along with high winds, concerns about flash floods and the potential for heavy snow in the Sierra Nevada. Much of the Bay Area was under a flash flood watch on Sunday, with the National Weather Service warning of the potential for mudslides across the region. (NOAA via The New York Times)
Bomb cyclone, atmospheric river combine to pummel California with rain and wind

What you need to know about this historic weather event

National Weather Service flood watch in the San Francisco Bay Area for Sunday, Oct. 24, 2021. (National Weather Service via Bay City News)
Storm pounds Bay Area, leaving over 145,000 without power: Closures and updates

Torrential rainfall causes flooding, triggers evacuations in burn areas

Plan Bay Area 2050 is an expansive plan guiding the region’s growth and development over the next three decades. The regional plan addresses progressive policy priorities like a universal basic income and a region-wide rent cap, alongside massive new spending on affordable housing and transportation infrastructure. (Shutterstock)
Plan Bay Area 2050: Analyzing an extensive regional plan that covers the next 30 years

Here are the big ticket proposals in the $1.4 trillion proposal

A collaborative workspace for a decentralized autonomous organization (DAO) in Coordinape is pictured at a recent blockchain meet up at Atlas Cafe. <ins>(Kevin N. Hume/The Examiner)</ins>
Business without bosses: San Francisco innovators battle bureaucracy with blockchain

‘The next generation will work for three DAOs at the same time’

Most Read