Business briefing: Declining inventories led to recent gas price hike

A new report from online fuel price tracker GasBuddy reveals that the average retail gasoline prices rose last week in St. Louis because inventories have declined.

Local gas prices have risen 12.3 cents per gallon in the past week to an average of $2.79 per gallon. The national average increased by 11 cents per gallon last month. However, average per-gallon prices remains 85 cents lower than a year ago.

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The Federal Reserve reports that manufacturing output declined 0.2 percent last month as higher oil prices have led to reduced equipment orders and activity at refineries. Read more here.

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Gun maker Colt Defense LLC filed for chapter 11 bankruptcy. Find out more here.

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Target has announced that it is selling its pharmacy and clinic businesses to the drugstore chain CVS Health for about $1.9 billion. Learn more here.

-Will Buss, BND business writer

This story was originally published June 15, 2015 at 9:09 AM with the headline "Business briefing: Declining inventories led to recent gas price hike."