Robust inventory keeps oil prices down

NEW YORK, Nov. 15 (UPI) -- Crude oil futures closed down 66 cents at $93.43 a barrel on the New York Mercantile Exchange Thursday on surprisingly robust inventory data.

Crude prices for December delivery, which had been slowly declining, dropped $2.09 to $92 a barrel shortly after the inventory report from the Energy Information Administration was released before rallying to move back over the $93 mark.

Prices also were affected by the Organization of Petroleum Exporting Countries' decision to cut its growth forecast for global oil demand.

Natural gas fell 13.5 cents to close at $7.7 per million British thermal units.

Heating oil was down 1.47 cents at $2.5587 a gallon.

Reformulated gas was down 3.42 cents at $2.3362 a gallon.

AAA said the average U.S. retail price for regular unleaded gasoline at the pump was $3.112, up a fraction from Wednesday's $3.111.