Jul 27, 2011
The price of oil is falling after the government announced the nation's oil and gasoline supplies increased last week.
On Wednesday morning, Benchmark West Texas Intermediate crude for September lost $1.50 to $98.90 per barrel at the New York Mercantile Exchange.
The Energy Department stated that oil inventories increased 2.3 million barrels to 354 million barrels last week. Supplies of gasoline raised to 213.5 million barrels. The demand for gas over the past four weeks remains below year-ago levels.
Prices at gasoline stations rose about half a cent on Wednesday to a national average of $3.698 a gallon which is just about $1 more than a year ago.
Oil & Gas Post
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