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ConocoPhillips sells remainder of gas stations

Market News
NEW YORK (AP) -- ConocoPhillips will sell the remainder of its gas stations in the United States, the company said Wednesday, though Conoco, Phillips 66, and 76 will continue to operate under those familiar signs.

The 600 or so stations are being sold to Pacific Convenience & Fuel LLC, a subsidiary of PetroSun Fuel.

The deal is "in the ballpark" of $800 million, said Sam Hirbod, chairman and chief executive of PetroSun and Pacific Convenience.

Part of the deal includes a long-term contract in which ConocoPhillips would provide fuel for the stations.

"If our brand is at that site, we will be supplying the gas," ConocoPhillips spokeswoman Terry Hunt said in a phone interview.

The purchase will help boost Pacific Convenience's presence in major West Coast urban areas, Hirbod said.

"We see opportunity in the future," he said in a phone interview. "As the oil companies exit, we think there will be more flexibility."

Houston-based ConocoPhillips began several years ago to spin off its retail stores, focusing more on

Euro higher against dollar

Forex
BERLIN (AP) -- The euro recovered some ground against the U.S. dollar on Wednesday after hitting a six-month low the previous day.

The euro bought $1.4692 in morning European trading, up from $1.4650 in New York late Tuesday and well above the $1.4569 it bought earlier in Tuesday's session.

The British pound, which on Tuesday hit a 25-month low, rose to $1.8420 from $1.8389. The dollar also gave up ground against the Japanese currency, declining to 109.22 yen from 109.63 yen.

The dollar slipped as oil prices rose in Asia on concerns that Tropical Storm Gustav may disrupt operations in the Gulf of Mexico, home to a quarter of U.S. crude production.

The dollar had risen sharply on Tuesday as two U.S. economic reports came in better than expected, while surveys showed business and consumer confidence dropping in Germany, the 15-nation euro zone's biggest economy.

In addition, the Federal Reserve released notes from its Aug. 5 meeting indicating that the next move for U.S. interest rates would be upward. Higher interest rates can boost a currency as investors transfer

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