Oil Falls 1 Percent on U.S. Supply Reports
Posted on: Wednesday, 9 May 2007, 18:00 CDT
New York crude oil prices fell more than 1 percent Wednesday after a U.S. government report showed rises in crude and gasoline supplies.
Light, sweet crude for June delivery lost 71 cents, or 1.14 percent, to close at $61.55 on the New York Mercantile Exchange. It had traded as low as $60.68.
U.S. crude stockpiles rose 5.6 million barrels to 341.2 million barrels in the week that ended May 4, the U.S. Energy Department said. This was 6.6 times more than most analysts' expectations of a 850,000 barrel rise.
Gasoline supplies rose for the first time in 13 weeks, up 400,000 barrels to 193.5 million, the department said. This was in line with most analysts' expectations.
June natural gas rose 8.3 cents, or 1.09 percent, to $7.72 per 1,000 cubic feet. June heating oil slipped 1.41 cent, or 0.77 percent, to $1.8158 a gallon.
Reformulated gasoline blendstock for oxygen blending rose 2.64 cents, or 1.2 percent, to $2.2309 a gallon.
AAA said Wednesday the average U.S. retail regular unleaded gasoline price was $3.034 a gallon, down 0.2 cent from Tuesday's $3.036 a gallon.
Source: United Press International
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