Oil Closes at Six-Month Low Under $93 a Barrel

Oil fell more than $1 Wednesday to finish the trading day at six-month-low under $93 a barrel, Bloomberg reported.

The $1.17 decline to $92.81 a barrel on the New York Mercantile Exchange — the lowest closing price since $92.51 on Nov. 2 — followed a Department of Energy report that showed higher supplies last week.

The price also dropped on concerns that Europe’s debt crisis may worsen, after talks to form a coalition government in Greece collapsed, Bloomberg said.

DOE reported Wednesday that crude inventories rose by 2.1 million barrels last week to 45.1 million barrels, the highest level on record.

Analysts had forecast a 1.75 million-barrel gain, Bloomberg reported.

Gasoline stockpiles fell by 2.8 million barrels, while distillates, which include diesel, fell by almost 1 million barrels, DOE said in its weekly report.

Both fuels dropped more than forecast, with analysts projecting a 150,000 barrel distillate drop and a 100,000 barrel downturn in gasoline supplies, Bloomberg said.