Oil prices rebound as gasoline supplies fall - Yahoo! Finance



Oil Prices Rebound As Gasoline Supplies Fall
Oil lifts slightly after falling 6 percent in 2 days; gasoline supplies may be tightening



Topics:Commodities

Chris Kahn, AP Energy Writer, On Wednesday April 13, 2011, 9:50 am
NEW YORK (AP) -- Oil is rebounding from a two-day drop as the dollar fell and a report of a hefty draw in U.S. gasoline supplies last week.

Benchmark crude for May delivery gained 54 cents to $106.79 per barrel on the New York Mercantile Exchange. The contract fell 6 percent on Monday and Tuesday.

Oil, which is priced in dollars, tends to rise as the dollar falls and makes crude contracts cheaper for investors holding foreign currency.

The American Petroleum Institute said gasoline supplies dropped last week by 4.6 million barrels -- more than three times what analysts had expected.