Oil prices rose to over $73 a barrel Wednesday, inspired by rising stocks and a weak dollar.
Benchmark crude for January delivery tacked on 67 cents to reach $73.29 on the New York Mercantile Exchange.
U.S. crude supplies fell last week according to a government report; however, analysts have claimed it is in line with a trend of refineries minimizing inventory at the end of the year. The report went on to say that gasoline supplies were at their high while American petroleum consumption hit its lowest level since July.
Crude has returned; however, due in part to the falling green back. A weak dollar encourages foreign investors to purchase energy commodities. At the pump we’ve yet to see the rising effects of the oil with gas at an average of $2.633 a gallon.
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