Oil falls near $100 as crude supplies seen rising

Published on NewsOK Modified: March 11, 2014 at 5:02 pm •  Published: March 11, 2014

The price of oil dropped near $100 a barrel Tuesday on expectations that U.S. oil supplies rose last week.

Benchmark U.S. crude for April delivery dropped $1.09 to close at $100.03 a barrel on the New York Mercantile Exchange, the lowest price in a month.

Brent crude, used to set prices for international varieties of crude, rose 47 cents to $108.55 on the ICE Futures exchange in London.

Investors' expectations that the Energy Department will report an eighth straight weekly increase in oil supplies pressured oil prices.

Data for the week ending March 7 is expected to show an increase of 2.3 million barrels in crude oil stocks and a decline of 1.8 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

In other energy futures trading on Nymex:

— Wholesale gasoline gained 2 cents to $2.97 a gallon.

— Heating oil was down 1 cent at $2.96 a gallon.

— Natural gas lost 5 cents to $4.61 per 1,000 cubic feet.

by Berry Tramel
Berry Tramel, a lifelong Oklahoman, sports fan and newspaper reader, joined The Oklahoman in 1991 and has served as beat writer, assistant sports editor, sports editor and columnist. Tramel grew up reading four daily newspapers — The Oklahoman,...
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