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Oil Latest News: Oil Rises as Market Weighs Supply Report, Bernanke

Wochit 0:46 mins

The price of oil fluctuated as investors assessed the latest report on U.S. oil and gasoline supplies and statements from the chairman of the Federal Reserve on U.S. monetary policy. Chinese state-run oil companies are investing $5 billion to develop seven new gas fields in the East China Sea, possibly siphoning gas from the seabed beneath waters claimed by Japan, a move that could further inflame tensions between the two countries. Gasoline rose to the highest price in five weeks, as the recent spike in oil continues to filter down to the consumer level.

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