facebook
twitter
search
search

Crude oil prices drop on inventory report

Oct. 9, 2013 at 3:58 PM
| License Photo

NEW YORK, Oct. 9 (UPI) -- Crude oil prices dropped 2 percent Wednesday, sliding under $102 per barrel after an inventory report showed growing stockpiles.

The Energy Information Administration said crude oil supplies rose by 6.8 million barrels in the week ending Saturday to 370.5 million barrels.

Stockpiles are above the average range for this time of year, EIA said.

In New York, West Texas Intermediate crude oil gave up 2.05 percent or $2.12 to reach $101.37 per barrel.

Traders also contemplated Federal Reserve Vice Chairman Janet Yellen, who President Obama picked to succeed Chairman Ben Bernanke next year. She is considered favorable by investors who wish the Fed to continue its accommodating monetary policy while the recovery remains sluggish.

On the New York Mercantile Exchange, reformulated blendstock gasoline prices lost 1.16 cents to $2.619 per gallon. Home heating oil shed 2.22 cents to $3.0103 per gallon. Natural gas was dropped 2 cents to reach $3.70 per million British thermal units.

At the pump, the national average price of unleaded gasoline rose to $3.354 per gallon from Tuesday's $3.349, AAA's Daily Fuel Gauge Report said.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Bleak outlook for oil has Russian investors pulling back
Shoot-from-the-hip, around corner sighting capability unveiled
Rhode Island to get offshore wind farm
Oil prices off slightly after China stock market decline
Airbus Helicopters announces factory acceptance of training aircraft