NEW YORK (CNNMoney.com) -- Oil rose Thursday as the dollar gave back earlier gains and the government's weekly inventory report showed a larger-than-expected drop in supplies of some refined products.
What prices are doing: Crude oil for March delivery rose $1.73 to settle at $79.06 a barrel.
What's driving prices: In its weekly inventory report, the U.S. Energy Information Administration said the nation's supplies rose by 3.1 million in the week ending Feb. 12
The increase was larger than expected. Crude supplies were forecast to rise by 1.65 million barrels, according to a survey conducted by research firm Platts.
The EIA also said supplies of gasoline rose by 1.7 million barrels. Supplies of distillates decreased by 2.9 million barrels.
Analysts forecast a 1.5 million barrel gain in gasoline stockpiles and a 1.6 million barrel drop in distillates, used to make heating oil and diesel.
The drop in distillates, used to make heating fuel and other things, raised speculation that oil demand could rebound as temperatures drop in the eastern United States.
Also supporting oil prices, the dollar fell slightly against the euro after rising sharply in earlier trading. Oil and other commodities that are priced in dollars often rise when the U.S. currency declines.
Gas prices: The national average price for a gallon of regular unleaded gasoline rose overnight to $2.61, according to motorist group AAA. That broke a 12-day streak of declines. The record high average gas price was $4.114, reached on July 17, 2008.
Overnight Avg Rate | Latest | Change | Last Week |
---|---|---|---|
30 yr fixed | 3.80% | 3.88% | |
15 yr fixed | 3.20% | 3.23% | |
5/1 ARM | 3.84% | 3.88% | |
30 yr refi | 3.82% | 3.93% | |
15 yr refi | 3.20% | 3.23% |
Today's featured rates:
Index | Last | Change | % Change |
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Dow | 32,627.97 | -234.33 | -0.71% |
Nasdaq | 13,215.24 | 99.07 | 0.76% |
S&P 500 | 3,913.10 | -2.36 | -0.06% |
Treasuries | 1.73 | 0.00 | 0.12% |
Company | Price | Change | % Change |
---|---|---|---|
Ford Motor Co | 8.29 | 0.05 | 0.61% |
Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
General Electric Co | 13.00 | -0.16 | -1.22% |
Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
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