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Oil up slightly as Fed, OPEC, supply data awaited

Published on NewsOK Modified: July 9, 2013 at 2:12 pm •  Published: July 9, 2013

A large decline in U.S. supplies, or signs that OPEC decreased output last month could boost prices, analysts say. Additional insight into the Fed's thinking on when it should begin winding down bond purchases that have supported the U.S. economic recovery should also influence trading.

U.S. drivers are seeing the effect of higher oil prices. Gas prices leveled off last week after steadily declining in the second half of June. Tuesday, the average price gained 5 cents or more in Minnesota, Michigan and Missouri. Most other states reported small increases.

Higher pump prices could be temporary. The Energy Department forecast Tuesday that gas prices would average $3.38 a gallon over the second half of the year. The average so far for July is $3.48.

Brent crude, which is used to set prices for oil used by many U.S. refineries, was up 38 cents at $107.81 on the ICE exchange in London.

In other energy futures trading on the Nymex:

— Wholesale gasoline added 4 cents at $2.93 a gallon.

— Natural gas fell 8 cents to $3.66 per 1,000 cubic feet.

— Heating oil gained 1 cent to $2.99 per gallon.


Pablo Gorondi in Budapest contributed to this report.