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Oil Falls for Third Day to Near $110 a Barrel

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5/4/2011 9:15:00 AM

Oil fell for a third day, to near $110 a barrel, on signs U.S. supplies may have improved last week, Bloomberg reported.

Crude futures fell close to $1 after dropping $2.47 on Monday to $111.05 a barrel on the New York Mercantile Exchange.

Friday and Monday’s closing prices of more than $113 per barrel were the first time since September 2008 futures had closed over that level.

Analysts saw signs of higher U.S. supplies, Bloomberg reported. The Department of Energy will release its weekly survey of inventories Wednesday morning in Washington.

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