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U.S. markets recover from steep losses
NEW YORK, July 21 (UPI) -- Crude oil prices dropped below $77 per barrel in New York Wednesday after a report said U.S. inventories rose slightly in the week.
The Energy Information Administration said crude oil supplies rose by 400,000 barrels in the week ending July 19.
Demand for gasoline rose 2 percent from a year ago, using a four-week rolling average, while demand for distillate fuel was up 9 percent over the past four weeks, EIA said. Jet fuel demand, which has been tracking lower than last year, turned higher, with demand 10.9 percent above 2009 for the period.
Equity markets in New York fell and the dollar index, a prorated measurement of the dollar against six major currencies, rose 0.68 percent.
After rising overnight, crude oil prices turned lower. Prices for August delivery light, sweet crude oil dropped $1.03 to $76.55 per barrel. The price of front contract New York Harbor No. 2 heating oil for August shed 0.0347 cents to $1.99 per gallon. Reformulated blendstock gasoline prices lost 0.0131 cents from a prior settlement to $2.0655 per gallon.
Henry Hub natural gas prices lost 0.018 cents to $4.662 per gallon.
At the retail level, the national average price for a gallon of unleaded gasoline fell slightly Wednesday to $2.718 per gallon, down from Tuesday's $2.719, AAA said.
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