Oil Falls Slightly After Report Shows Supplies Up

By: AP Email
By: AP Email

Oil prices are hovering below $92 per barrel, after the government reported a bigger than expected increase in U.S. crude supplies.

Supplies rose by 2.9 million barrels in the week ended Oct. 12, about double what analysts had forecast.

The waffling oil prices matched stock indexes that are also mixed in midday trading. Technology giants IBM and Intel both said customers are holding back.

Economic weakness generally means less demand for oil, pushing prices down.

In midday trading on Wednesday, oil prices were down 20 cents to $91.89 per barrel. Oil had been trading above $92 per barrel earlier in the day on the New York Mercantile Exchange.

Gasoline prices at the pump fell almost 2 cents, to $3.756 per gallon.

Natural gas prices are slightly higher.

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