Supply pressure weighs on crude oil

May 14, 2013 at 8:06 AM
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NEW YORK, May 14 (UPI) -- Crude oil prices slipped to less than $95 per barrel in New York Tuesday morning as data continue to point to an oversupplied market.

Energy Information Administration reports indicate U.S. inventories higher than they have been since the 1930s. Demand appears consistent but the supply situation is putting pressure on prices.

On the New York Mercantile Exchange, West Texas Intermediate crude oil shed 27 cents to $94.90 per barrel.

Gasoline prices lost 0.09 cents to $2.8201 a gallon. Home heating oil dropped 1.54 cents to $2.8756 a gallon. Natural gas added 0.8 cents to reach $3.933 per million British thermal units.

At the pump, the average price of a gallon of regular unleaded gasoline was $3.582 Tuesday, up from Monday's $3.579, the AAA Fuel Gauge Report said.

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