Gas Prices Rise for 50th Straight Day in U.S., Crude Up for Four Days

Retail gas prices have risen for the 50th straight day Wednesday, marking the longest streak since 1996. Benchmark crude oil also rose for the fourth straight day.

Historically, gas prices increase during the summer due to the millions of Americans traveling during summer vacation.

Pump prices added a half cent overnight to a new national average of $2.679 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service. A gallon of regular gas has increased nearly 37 cents in a month, but it is still cheaper than a gallon of gas three years ago at this point in June.

On Wednesday, crude oil fell below $70 a barrel after a key government report said U.S. gasoline supplies grew more than expected last week.

Benchmark crude for July delivery fell $1 to $69.47 on the New York Mercantile Exchange. In London, Brent prices fell 98 cents to $69.26 a barrel on the ICE Futures exchange.

The Energy Information Administration report said gasoline reserves grew last week by 3.4 million barrels, or 1.7 percent, to 205 million barrels. Analysts expected stockpiles of the motor fuel to rise by 650,000 barrels, according to Associated Press.

Demand for gasoline is averaging nearly 9.3 million barrels a day over the four weeks ended June 12, which is up 1.1 percent from last year.

Crude inventories fell last week by 3.9 million barrels, or 1.1 percent, to 357.7 million barrels, the report said.

Oil prices this week have come off eight-month highs near $73 a barrel amid some signs that the U.S. economy, while past the worst of a severe recession, is still weak. Crude prices have dropped with equities markets this week, and they continued to fall Wednesday though the dollar was week.

Barrels are priced in U.S. currency, so oil tends to rise when the dollar falls.

In other Nymex trading, gasoline for July delivery tumbled 6.37 cents to $2.0074 a gallon and heating oil dropped 1.3 cents to $1.812. Natural gas for July delivery added 2.1 cents to $4.150 per 1,000 cubic feet.

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