NEW YORK (CNNMoney.com) -- Oil prices rose Tuesday on forecasts of falling U.S. crude supply.
What prices are doing: Crude oil for July delivery rose $1.82 to settle at $76.94 a barrel Tuesday.
The national average price for a gallon of regular unleaded gasoline fell to $2.696 from the previous day's price of $2.698, according to motorist group AAA. That's the ninth straight day of declines.
What's moving the market: A closely watched inventory report from the U.S. Energy Information Administration is due Wednesday. Research group Platts forecast crude oil stocks fell by 1.75 million barrels last week.
Crude also got a boost from the foreign exchange market, as the euro was up 1% against the dollar Tuesday. Commodities are sold in U.S. dollars around the world, so a weaker greenback makes oil less expensive for foreign investors.
BP oil spill: Appearing before a Congressional committee Tuesday, executives from BP (BP), ExxonMobil (XOM, Fortune 500), ConocoPhillips (COP, Fortune 500), Chevron (CVX, Fortune 500) and Shell Oil (RDSA) answered questions about the ongoing spill, renewable energy development and the effect of President Obama's six-month moratorium on deepwater drilling. Shares of BP fell another 10% Monday as the company's board met to discuss its dividend policy.
President Obama will end a two-day visit Tuesday to Gulf states affected by the oil spill. He will address the nation Tuesday night from the White House on the next steps in responding to the disaster.
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 |
---|---|---|---|
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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