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Oil price climbs above $90 on stronger US demand

By Chris Kahn

Associated Press

Published: Wednesday, July 18 2012 9:31 a.m. MDT

NEW YORK — The price of oil climbed above $90 per barrel for the first time since May after the government said U.S. oil demand is on the rise.

The Energy Information Administration reported Wednesday that average oil demand increased last week in the U.S. for the third week in a row. Oil demand had been down most of the year, when compared with 2011, as manufacturing activity slowed and drivers cut back on travel.

Benchmark U.S. crude rose 37 cents to $89.59 per barrel in New York. It hit $90.04 per barrel earlier in the day, the highest price since May 30.

Meanwhile, retail gasoline prices rose 2 cents to a national average of $3.426 per gallon (3.7 liters).

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