Oil slides on fundamentals

June 13, 2012 at 7:05 PM
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NEW YORK, June 13 (UPI) -- Crude oil prices Wednesday slid under $83 per barrel on the New York Mercantile Exchange, as U.S. inventories of crude remain high.

The Energy Information Administration said crude oil stockpiles declined slightly in the week ending Saturday. But the 200,000-barrel decline to 384.4 million barrels did not change crude oil's status, which remains above the upper limit of the average for this time of year.

Demand uncertainty is also weighing on prices. The fragile state of Europe's financial system and governments coming close to default are prompting a cautious approach.

West Texas Intermediate crude oil for July delivery in New York Wednesday hit a high early at $83.80 per barrel before sliding down to $82.57 per barrel.

Natural gas added half a cent to hit $2.219 per million British thermal units.

Home heating oil rose 0.31 cents to $2.614 per gallon.

Gasoline moved 2.4 cents lower in late trading to reach $2.653 a gallon.

At the pump, the national average price of unleaded gasoline fell to $3.539 per gallon from Tuesday's $3.542, AAA said.

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