Oil and gas pump prices rise

June 2, 2011 - 10:58 AM

NEW YORK (AP) — Oil is climbing ahead of a key report on petroleum supply and demand.

Benchmark West Texas Intermediate for July delivery rose 12 cents to $100.41 per barrel on the New York Mercantile Exchange.

Oil has hovered around $100 per barrel for nearly a month as investors watch how the economy is handling the recent run-up in oil and gasoline.

Investment banks like Goldman Sachs are betting that crude will rise as China and other emerging economies push global demand higher. A growing number of government and industry reports show that consumers are struggling with higher fuel costs.

The Energy Information Administration will report on petroleum supply and demand later in the day.

The average gas pump price rose for the first time in three weeks to $3.784 per gallon.