Oil Slips on Gasoline, Crude Supplies News
Posted on: Wednesday, 11 July 2007, 18:02 CDT
Oil prices closed down Wednesday after a U.S. government report showed a big rise in U.S. gasoline supplies and an unexpected drop in crude oil supplies.
Crude oil supplies fell 1.4 million barrels to 352.6 million barrels last week, the U.S. energy department's Energy Information Administration said in its weekly oil inventory report.
Many analysts expected a 600,000-barrel drop.
Gasoline stockpiles rose 1.2 million barrels, double many analysts' expectations. Gasoline supplies are 3.8 percent below their levels a year ago.
Light, sweet crude for August delivery fell 25 cents, or 0.34 percent, to close at $72.56 a barrel on the New York Mercantile Exchange.
August natural gas lost 12 cents, or 1.78 percent, at $6.58 per 1,000 cubic feet.
Heating oil edged down 2.86 cents, or 1.35 percent, at $2.0952 a gallon.
Reformulated-gasoline blendstock for oxygen blending shed 7.56 cents, or 3.19 percent, at $2.2938 a gallon.
AAA said the average U.S. retail regular unleaded gasoline price was $3 a gallon, up 0.025 cents from Tuesday's $2.975 a gallon.
Source: United Press International
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