OPEC To Boost Output: Markets Awaiting

Wednesday oil futures were slightly higher after weekly inventory reports that showed little change in the U.S. oil and gasoline supply.

NYMEX: crude futures for July delivery rose 13 cents to $37.32 a barrel.

The Energy Information Administration in its weekly report on oil and gasoline supply showed gasoline inventories decreasing 500,000 barrels and crude stocks climbing 800,000 barrels to nearly 303 million barrels.

OPEC had promised to cover any crude supplies lost due to the bombings in Iraq, so oil prices may fall in the nearest future