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Oil drops below $102 on big US supply increase
Oil drops below $102 per barrel as supplies in US rise by 2.5 percent
By The Associated Press

NEW YORK (AP) ' Oil is dropping below $102 a barrel after a government report showed a larger-than-expected increase in U.S. crude supplies.

The price of benchmark U.S. oil is down $2.55, or 2.4 percent, to $101.46 a barrel in New York. In London, Brent crude fell by $2.17 to $122.69 per barrel at the ICE Futures exchange.

The Energy Department's Energy Information Administration said crude supplies grew by 9 million barrels, or 2.5 percent, to 362.4 million barrels, which is 1.3 percent above year-ago levels.

Oil is also falling with U.S. stock markets. The Dow Jones industrial average is down more than 1 percent a day after the Federal Reserve indicated that further measures to boost economic growth were less likely.

Meanwhile, retail gasoline in the U.S. now averages $3.93 per gallon.

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