Washington – Oil prices fell by almost $1 a barrel Wednesday after the U.S. government released data showing an increase in domestic supplies of oil, gasoline and heating oil.
Crude futures fell more than $3 a barrel in two days, retreating from the $60-a-barrel level Tuesday in trading that brokers attributed to profit-taking.
On Wednesday, light, sweet crude for August delivery declined by 94 cents to settle at $57.26 a barrel on the New York Mercantile Exchange.
Gasoline futures fell by 4.03 cents to $1.5845 per gallon, while heating-oil futures declined by 1.88 cents to $1.6016 per gallon.
In London, Brent crude futures for August delivery fell $1 to settle at $56.20 a barrel on the international exchange.
In its weekly petroleum supply report, the U.S. Energy Department said inventories of crude oil increased by 1.1 million barrels to 328.5 million barrels, 8 percent above year-ago levels.
