NATION

NATION

Report: Oil futures up

NEW YORK — Oil futures prices rose sharply Wednesday, briefly climbing above a record $80 a barrel after the government reported a surprisingly large drop in crude inventories and declines in gasoline supplies and refinery activity.

The report from the Energy Department’s Energy Information Administration suggested oil supplies are tightening as demand remains strong. That’s why oil prices are rising despite OPEC’s decision on Tuesday to boost crude production by 500,000 barrels per day this fall, analysts said.

Alcoa sells stake
in China’s Chalco

PITTSBURGH — Alcoa Inc., the biggest U.S. aluminum producer, has sold its nearly 7 percent stake in China’s largest aluminum maker for $2 billion. Pittsburgh-based Alcoa said Wednesday it will continue to invest in the aluminum industry in China, where it first opened offices in 1993. Alcoa has 17 facilities in China that produce foil, fasteners, automotive components and other products. Alcoa had been an investor in Aluminum Corporation of China Ltd., also known as Chalco, since the Chinese company’s initial public offering in 2001.

Associated Press