Oil falls on huge buildup in gasoline supplies

Source: Agencies | December 12, 2013, Thursday |

Online Edition

The price of oil fell 1 percent yesterday after the government reported a large buildup in supplies of gasoline and distillate fuels such as diesel.

Benchmark oil for January delivery dropped US$1.07 to close at US$97.44 a barrel on the New York Mercantile Exchange. Oil had jumped US$1.17 to US$98.51 on Tuesday, its highest level in six weeks.

Gasoline supplies rose by 6.7 million barrels, the Energy Department said, while distillate supplies increased by 4.5 million barrels in the week ended Dec. 6. Both increases were more than three times what analysts were expecting, raising the possibility that refiners would slow production and purchases of oil in the coming weeks.

The fuel increases overshadowed a huge decline in oil supplies of 10.6 million barrels.

Oil has fallen from US$110 in September on high supplies, muted demand and a lessening of Middle East tensions. It sank to nearly US$92 late last month but has since crept higher as the U.S. and Chinese economies show signs of sustained recovery.

Brent crude, a benchmark for international crudes, rose 32 cents to US$109.70 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline dropped 2 cents to US$2.66 a gallon.

— Heating oil was flat at US$3.02 a gallon

— Natural gas rose 10 cents to US$4.34 per 1,000 cubic feet.

Energy

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Oil falls on huge buildup in gasoline supplies

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