NEW YORK (AP) - Oil prices have rebounded, rising above $114 a
barrel. The move comes after the government reported a drop in U.S.
gasoline supplies and a surprise drop in crude stockpiles.
At the pump, a gallon of regular gasoline keeps falling,
shedding on average about a penny overnight to nearly $3.79,
according to the AAA. That's nearly 8 percent below the record
highs last month.
The Energy Department says gasoline supplies fell by 6 million
barrels last week, a larger-than-expected drop. Crude stockpiles
fell by 400,000 barrels.
At midday, light, sweet crude for September delivery rose $2.81
to $115.82 on the New York Mercantile Exchange.