Oil Price Drops Following DOE Report on Supply Gain


6/20/2012 12:30:00 PM
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Frank Polich/Bloomberg News

Oil fell Wednesday after a Department of Energy report showed supplies rose to near a 22-year high, Bloomberg reported.

Crude futures fell $1.63 to $82.40 a barrel on the New York Mercantile Exchange, announcement, Bloomberg said.

Crude stockpiles jumped 2.9 million barrels last week to 387.3 million barrels, the highest level since July 1990, DOE said in its weekly report. Supplies were forecast to drop 1.3 million barrels, Bloomberg said.

 

Gasoline inventories rose by almost 1 million barrels and distillates, which include diesel, rose 1.2 million barrels for the week ended Saturday, DOE said.

 

Diesel and gasoline prices have fallen steadily for almost three months, as oil has tumbled since April.

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