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Oil Jumps $5 After Report Says Gas Supplies Fell

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Jul 30, 2008 5:34 pm US/Eastern

Oil Jumps $5 After Report Says Gas Supplies Fell

NEW YORK (AP) ―

Click to enlarge 1 of 1: Light, sweet crude for September delivery is up $5.01 at $127.20 a barrel on the New York Mercantile Exchange. The contract had fallen below $121 a barrel earlier in the day. (File)
David McNew/Getty Images

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Oil prices are soaring, rising more than $5 a barrel after the government reported U.S. gasoline supplies fell unexpectedly last week.

Light, sweet crude for September delivery is up $5.01 at $127.20 a barrel on the New York Mercantile Exchange. The contract had fallen below $121 a barrel earlier in the day.

The Energy Information Administration says gas supplies fell by 3.5 million barrels last week. Analysts surveyed by energy research firm Platts expected gas supplies to increase by 400,000 barrels.

A report by Goldman Sachs predicting prices could hit $149 a barrel by the end of year is also feeding the rally.

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