U.S. Oil Prices Rise As Stock Reserves Fall

The price of oil on U.S. commodity exchanges was growing Wednesday morning for the third day in a row as news came in that the country's stock reserves were shrinking and a new hurricane was forming in the Gulf of Mexico.
The price of an September futures contract for WTI light sweet crude in electronic trading on Nymex was up 1 cent to $77.57 a barrel by 7:00 Moscow time. Meanwhile, the price of a September futures contract for North Sea Brent blend was off 11 cents to $76.11 in London.
Oil prices climbed the day before on positive macro-economic data. September WTI contracts were up 68 cents to $77.58 a barrel, while September Brent contracts were up 60 cents to $76.22.
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