Oil little changed around $77 a barrel

By Julianne Pepitone, staff reporter


NEW YORK (CNNMoney.com) -- Oil prices were little changed Wednesday after a government report showed crude stockpiles increased more than expected and BP agreed to put $20 billion in an escrow account to pay claims from the Gulf oil spill disaster.

What prices are doing: Crude oil for July delivery inched up slightly by 73 cents, or just under 1%, to settle at $77.67 a barrel Wednesday.

chart_ws_commodity_energy_oil.03.png
Click the chart to view the current price of oil and other commodities.

The national average price for a gallon of regular unleaded gasoline rose to $2.70 from the previous day's price of $2.696, according to motorist group AAA. That increase snapped nine straight days of declines.

What's moving the market: Crude stockpiles increased by 1.7 million barrels in the week ended June 11, according to a report by the U.S. Energy Information Administration Wednesday morning.

The report showed oil supplies exceeded inventory limits across all three major categories including crude, gasoline and distillates. Higher than expected inventories often drive prices down, but later in the day, prices rebounded slightly after a White House official confirmed BP (BP) has tentatively agreed to put $20 billion into an escrow account to cover costs related to the oil spill in the Gulf of Mexico.

BP oil spill: In a televised speech Tuesday night, President Obama used his first Oval Office address to the nation to say 90% of the oil gushing into the Gulf of Mexico will be captured within weeks. He also called for an end to U.S. dependence on fossil fuels. To top of page

Just the hot list include
Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.80%3.88%
15 yr fixed3.20%3.23%
5/1 ARM3.84%3.88%
30 yr refi3.82%3.93%
15 yr refi3.20%3.23%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 28,989.73 -170.36 -0.58%
Nasdaq 9,314.91 -87.57 -0.93%
S&P 500 3,295.47 -30.07 -0.90%
Treasuries 1.68 -0.06 -3.39%
Data as of 12:26am ET
Company Price Change % Change
Intel Corp 68.47 5.15 8.13%
Advanced Micro Devic... 50.35 -1.36 -2.63%
Ford Motor Co 9.00 -0.14 -1.53%
General Electric Co 11.71 -0.06 -0.51%
Bank of America Corp... 33.54 -0.58 -1.70%
Data as of Jan 24

Sections

Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More

Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.