Oil and Gas Prices Fall
Oil prices fell more than $1 a barrel with inventories in the U.S. increasing and gasoline futures falling.
Light, sweet crude for May delivery went down $1.01 on the New York Mercantile Exchange while heating oil prices fell over a cent. Brent crude dropped 59 cents, and gasoline futures fell over a cent after falling 9 cents yesterday.
An ABC News article says:
“The sell-off came after U.S. Energy Department data earlier in the week showed that the nation’s gasoline production jumped 5.2 percent last week to its highest level this year and that the country’s gasoline stockpiles were 5.7 percent higher than a year earlier.
The U.S. Energy Department also said the nation’s inventory of crude oil was 317.1 million barrels, or 8 percent higher than last year. It was the eight consecutive week in which crude inventories rose.
Andy Xie, an economist for Morgan Stanley Asia in Hong Kong, said he believes recent comments from the U.S. Federal Reserve Chairman Alan Greenspan had a hand in pushing crude prices down.”
Greenspan said earlier this week that rising oil inventories would “damp the current price frenzy.”
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