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Oil Edges Up Over $72 a Barrel

Wednesday February 10, 2010

Oil rose to more than $72 a barrel early Tuesday, up slightly from the previous two trading days, in advance of a government inventory report due out this week, Bloomberg reported.

Crude futures were trading at $72.80 in early New York Mercantile Exchange trading, up from the $71.89 closing price on Monday.

Oil closed Friday at $71.19, the lowest closing price since mid-December, Bloomberg reported.

The Department of Energy’s price surveys on diesel and gasoline pump prices — usually released on Mondays — will not be released Tuesday because the U.S. government remains closed in the Washington, D.C., area due to the Mid-Atlantic weekend blizzard.

DOE’s weekly inventory survey, which usually comes out on Wednesday, may also be delayed this week.

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