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Crude oil prices slump on reserve report

April 3, 2013 at 4:33 PM   |   Comments

NEW YORK, April 3 (UPI) -- Crude oil prices fell $2.74 to $94.45 a barrel Wednesday on the New York Mercantile Exchange on report of a more-than-expected rise in U.S. crude reserves.

The U.S. Energy Information Administration reported Wednesday crude oil supplies rose 2.7 million barrels to 388.6 million for the week ended March 29, more than analysts estimated.

"We have the highest stocks of crude oil since July 1990, and an uncertain economic environment in Europe and the U.S.," James Williams, energy economist at WTRG Economics, told MarketWatch.com.

Gasoline prices lost 13 cents to settle at $2.91 a gallon.

Home heating oil closed at $3 a gallon, shedding 8.5 cents

Natural gas lost 7 cents to end the session at $3.90 per million British thermal units.

At the pump, the average price of a gallon of regular unleaded gasoline was $3.640 Wednesday, up from $3.637 Tuesday, the AAA Fuel Gauge Report said.

© 2013 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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