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Wednesday, July 30, 2008
Oil Rallies on Stockpile Report
Associated Press
![Oil Rig Mountain [276]](/images/stories/oil_rig_mountain.jpg)
Oil prices are surging, jumping more than $4 a barrel after the government reported that U.S. gasoline supplies fell unexpectedly last week.
Light, sweet crude for September delivery is up $4.14 at $126.33 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 that U.S. gasoline 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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