U.S. oil prices rise ahead of supply data

New York -- U.S. oil prices rose near $72 ahead of a U.S. Energy Department report many analysts expected would show further U.S. crude and gasoline supply declines.

The report is likely to show U.S. oil inventories fell 600,000 barrels last week, analysts said.

Light, sweet crude for October delivery rose 21 cents, or 0.29 percent, to $71.94 a barrel in mid-morning trading on the New York Mercantile Exchange.
September natural gas rose 2 cents, or 0.36 percent, to $5.61 per 1,000 cubic feet.

Heating oil edged up 0.81 cents, or 0.41 percent, at $2.0044 a gallon.
Reformulated-gasoline blendstock for oxygen blending advanced 1.81 cents, or 0.9 percent, to $2.0335 a gallon.

AAA said the average U.S. retail regular unleaded gasoline price was $2.758 a gallon, up 1.3 cents from Tuesday's $2.745 a gallon.

Copyright 2007 by United Press International.