Crude oil prices fell Wednesday as US stockpiles of crude oil and gasoline
Crude oil prices fell Wednesday as US stockpiles of crude oil and gasoline showed an unexpected rise.
US light sweet December futures dropped 78 cents to $58.93 a barrel, the lowest close since July 22 on the NYMEX.
In London, Brent crude futures for December delivery slid 93 cents at $56.88 a barrel on the IPE.
On the New York Mercantile Exchange, heating oil for December settled up 1.11 cents to close at 1.7896 dollars a gallon. December gasoline, up as high as 1.6030 dollars a gallon at one point, settled 1.11 cents lower at 1.5513 dollars a gallon.
The Energy Information Administration said that the crude stocks rose for the fifth week, by 4.5 million barrels to 323.6 million, while gasoline inventories jumped 4.2 million barrels to 201.1 million barrels. Both were higher than expected by analysts.
But distillate supplies, which include diesel and heating fuel, fell by 100,000 barrels to 120.8 million. Enditem