COLUMBUS, Ohio — Oil prices faded Wednesday as a government report showed U.S. crude inventories rising to levels last seen in 1993.
Benchmark crude for May delivery fell $1.21 to settle at $52.77 a barrel on the New York Mercantile Exchange, one day after closing at a high for the year.
Crude in storage last week rose 3.3 million barrels, said the Energy Information Administration, much more than what was expected by analysts.
It was another story at the pump, where prices continued their seasonal rise. National retail gasoline prices hit the highest level since Nov. 21 and are on pace to surpass $2 by Friday, with one analyst suggesting prices may go as high as $2.25 this spring.
Prices have risen 6 cents nationally this week.
Prices hit $1.986 Wednesday, according to auto club AAA, Wright Express and Oil Price Information Service. Prices are 7.6 cents higher than a month ago, but $1.269 below year-ago levels.
Oil prices have risen about 30 percent this month even as supplies continue to rise.
