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Oil drops for 4th day on big rise in US supplies
Source: Agencies |
October 25, 2012, Thursday
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THE price of oil fell yesterday after the US reported an unexpectedly large increase in crude stockpiles.
Oil supplies grew last week by 5.9 million barrels, or 1.6 percent, the Energy Department said. At 375.1 million barrels, the US oil inventory is 11.1 percent above year-ago levels. Analysts expected a much smaller increase.
Benchmark oil fell 94 cents, or about 1 percent, to finish at US$85.73 per barrel in New York. The price has dropped almost 7 percent since closing Thursday at US$92.10.
Brent crude fell 40 cents to end at US$107.85 per barrel in London.
Jim Ritterbusch of Ritterbusch and Associates said the oil market may be looking forward to Friday's initial estimate of US third-quarter gross domestic product. "Any additional indications of weakening in the world's largest economy could force further liquidation out of the oil space," he said.
In other energy futures trading in New York:
- Wholesale gasoline fell less than a penny to finish at US$2.60 per gallon. Gasoline supplies grew by 1.4 million barrels to 198.6 million barrels last week, the government said.
- Heating oil also fell less than a penny to end at US$3.04 per gallon.
- Natural gas fell 8.5 cents to finish at US$3.45 per 1,000 cubic feet, reversing Tuesday's gains.
Oil supplies grew last week by 5.9 million barrels, or 1.6 percent, the Energy Department said. At 375.1 million barrels, the US oil inventory is 11.1 percent above year-ago levels. Analysts expected a much smaller increase.
Benchmark oil fell 94 cents, or about 1 percent, to finish at US$85.73 per barrel in New York. The price has dropped almost 7 percent since closing Thursday at US$92.10.
Brent crude fell 40 cents to end at US$107.85 per barrel in London.
Jim Ritterbusch of Ritterbusch and Associates said the oil market may be looking forward to Friday's initial estimate of US third-quarter gross domestic product. "Any additional indications of weakening in the world's largest economy could force further liquidation out of the oil space," he said.
In other energy futures trading in New York:
- Wholesale gasoline fell less than a penny to finish at US$2.60 per gallon. Gasoline supplies grew by 1.4 million barrels to 198.6 million barrels last week, the government said.
- Heating oil also fell less than a penny to end at US$3.04 per gallon.
- Natural gas fell 8.5 cents to finish at US$3.45 per 1,000 cubic feet, reversing Tuesday's gains.
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