Crude Oil Rises on Speculation Gasoline Supplies Probably Fell

Crude oil rose in New York for the first day in four amid speculation a report tomorrow will probably show U.S. gasoline stockpiles fell for a second week.

Gasoline inventories probably fell 1 million barrels, from 215.3 million barrels in the week ended July 1, according to the median forecast of a Bloomberg survey of 11 analysts. Gasoline futures reached a record July 8 amid concern Hurricane Dennis may have disrupted supplies for the U.S. summer holiday season.

“Demand has been pretty good for gasoline so far,” said Steve Taylor, an oil trader at New West Petroleum Inc. in Sacramento, California. “The question going forward is whether or not production is going to be disrupted” during the rest of the year, he said.
Bloomberg