Oil Declines to Near $75 a Barrel as Diesel Inventories Improve
Oil prices fell to near $75 a barrel Wednesday after earlier falling below $74 to the lowest intraday price since early July, Bloomberg reported.
Crude futures fell 35 cents to finish the New York Mercantile Exchange trading day at $75.42 a barrel, after earlier in the day falling to $73.83, Bloomberg said. Oil last closed below $74 on July 6.
Closing prices slid below $80 last week after trading above that level for more than a week.
Meanwhile, DOE reported Wednesday that crude and gasoline supplies both declined last week, while distillates inventories increased.
Oil inventories fell by almost 1 million barrels, about in line with economists’ forecasts, while gasoline supplies fell by 39,000 barrels.
Distillate stockpiles, which include diesel, gained 1.1 million barrels for the week ended Saturday, DOE said in its weekly report.
Total petroleum supplies rose to the highest level in nearly 20 years, Bloomberg reported.
