|Page (1) of 1 - 12/29/11||email article||print page|
Oil sliding on unexpected rise in US supplies
NEW YORK (AP) ' Oil prices are sliding after the U.S. government reported that crude supplies grew unexpectedly last week.
Benchmark crude fell by 73 cents Thursday morning to $98.63 per barrel in New York. Brent crude fell by 50 cents to $107.06 per barrel in London.
The Energy Information Administration says that U.S. oil supplies rose by 3.9 million barrels last week. Analysts expected supplies to shrink. The weekly report also says that U.S. oil demand has dropped by 7.8 percent from the same time last year. Gasoline demand has declined by 5.6 percent.