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Oil price skids on inventory buildup

May 16, 2012 at 8:02 PM   |   Comments

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NEW YORK, May 16 (UPI) -- Crude oil prices dropped to under $93 a barrel on the New York Mercantile Exchange Wednesday as U.S. stockpiles grew by 2.1 million barrels in the week.

It was the eighth consecutive week of an inventory buildup, putting total supplies at 381.6 million barrels.

In New York, West Texas Intermediate crude oil for June delivery shed $1.11 cents to $92.87 per barrel, the lowest price since December. Natural gas for June delivery rose 0.2 cents to hit $2.62 per million British thermal units.

Home heating oil was down 0.75 cents to $2.8901 per gallon.

Gasoline lost 0.85 cents to reach $2.9124 per gallon.

At the pump, the national average price of unleaded gasoline rose Tuesday to Wednesday from $3.727 per gallon to $3.728, AAA said.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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