Oil falls to $100 on growth in U.S. supplies
NEW YORK (AP) — Oil is falling to around $100 per barrel after a government report shows supplies grew unexpectedly as demand for gasoline and other petroleum products dropped.
Benchmark West Texas Intermediate on Wednesday fell $1.22 to $100.06 per barrel in New York while Brent crude lost $1.23 to $109.28 in London.
Prices dropped after the Energy Information Administration reported that oil supplies increased last week by 1.3 million barrels. Gasoline supplies also jumped more than expected, rising by 5.1 million barrels for the week ended Dec. 2. Supplies are growing because of weak demand for oil-based fuels in the U.S.
At the pump, gasoline prices rose more than a penny to $3.286 per gallon.
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By Chris Kahn
Short URL: http://www.davisenterprise.com/?p=113833
View this story on page A2
Posted by The Associated Press
on Dec 7 2011.
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