Oil Prices Climb

By: Associated Press
By: Associated Press

Oil prices hit a six-month high Wednesday, climbing above $62 a barrel after a government report showed a drop in U.S. oil supplies for the second straight week.
Benchmark crude for July delivery rose $1.21 to $61.31 a barrel on the New York Mercantile Exchange before noon. Crude prices jumped to $62.14 earlier in the day, the highest price for crude since Nov. 11.

In London, Brent prices rose $1.23 to $60.15 a barrel on the ICE Futures exchange.

Crude stockpiles dropped by 2.1 million barrels for the week ended May 15, according to Energy Department's Energy Information Administration. Gasoline inventories dropped by 4.3 million barrels.

That was a bigger decline than analysts had expected, especially for gasoline.

One of the main drivers this year for energy prices has been the enormous amount of crude and gasoline in storage.

A number of issues, from fires at refineries, to falling inventories, to the first big driving holiday of the year, are sending prices upward.

Retail gasoline prices have risen every day this month.

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