August 26, 2009

Crude oil prices fall on inventory report

Crude oil futures fell to less than $72 in morning trading Wednesday on the New York Mercantile Exchange in the wake of a report that inventories have risen.

Crude oil for delivery in October fell 66 cents per barrel to $71.39, a drop of 0.92 percent, after trading lower overnight in world markets. Analysts cited a report by the American Petroleum Institute showing a large increase in crude oil inventories.

The NYMEX heating oil futures were up 1.17 cents to $1.8676 per gallon, while reformulated gasoline futures also posted a 1.38-cent gain to $2.0208.

Natural gas futures, meanwhile, were slightly lower, trading at $2.869 per 1,000 cubic feet, down by 1.3 cents.

AAA reported Wednesday the average U.S. price for unleaded regular gasoline was $2.622 per gallon, down slightly from Tuesday's level of $2.623 per gallon.