Oil, gasoline surge as supplies drop; metals rise

AP News
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Posted: Jul 10, 2013 4:00 PM

Crude oil and gasoline prices are surging after the U.S. reported steep declines in supplies of both commodities.

Gold and most other metals ended slightly higher Wednesday. Crop prices were mixed.

Benchmark crude oil for August delivery shot up $2.99, or 3 percent, to $106.52 a barrel in New York. That's the highest settlement since March 2012.

Wholesale gasoline jumped 8.9 cents to $3.015 a gallon.

Crude oil supplies fell 9.9 million barrels last week, more than twice as much as analysts had expected. Gasoline supplies fell by 2.6 million barrels. Analysts had expected an increase.

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August gold edged up $1.50 to settle at $1,247.40 an ounce. Silver rose 2.7 cents to $19.165 an ounce.

Wheat and soybeans closed slightly higher. Corn edged lower.