Oil Prices Recover Slightly
Jul. 22, 1998
NEW YORK (AP) _ Oil futures rose slightly on the New York Mercantile Exchange Wednesday despite inventory figures showing an increase in U.S. oil stocks.
The September crude contract rose 12 cents to $14.16.
Dealers said oil prices had come under pressure following a report late Tuesday showing a surprising rise in U.S. oil inventories, but bounced back later.
After markets closed Tuesday, the American Petroleum Institute reported that U.S. crude oil stocks rose 6.862 million barrels to 341.532 million barrels.
August unleaded gasoline fell .10 cent to 43.40 cents a gallon, August home heating oil fell .52 cent to 36.32 cents a gallon, and natural gas fell 1.7 cents to $1.934 per 1,000 cubic feet.
In London, North Sea Brent Blend fell 3 cents to $12.87.