Oil Price Slips as Inventories Improve
Oil prices fell Wednesday following a Department of Energy report that showed supplies of crude, gasoline and diesel all rose last week in contrast to economists’ forecasts, Bloomberg reported.
Crude futures slipped 18 cents to $74.79 a barrel on the New York Mercantile Exchange, after topping $75 before the Nymex opened, Bloomberg said.
Oil stockpiles rose by 1 million barrels last week, DOE said in its weekly inventory report. Economists had predicted a 1.75-million barrel decline, Bloomberg reported.
Gasoline stockpiles gained 1.6 million barrels and distillates, which include diesel, rose by 350,000 barrels for the week ended Saturday, DOE said.
The earlier price boost had also been due to a weaker U.S. dollar, Bloomberg reported.
