Oil prices fall as US supplies grow

AP News
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Posted: Jun 20, 2012 4:05 PM
Oil prices fall as US supplies grow

NEW YORK (AP) — The price of oil dropped almost 3 percent Wednesday as the sluggishness of the economy was underscored by more pessimism from the Fed and a surprising jump in U.S. crude supplies.

On the New York Mercantile Exchange:

Benchmark crude dropped $2.23, or 2.7 percent, to end the day at $81.80 per barrel.

Gasoline lost 5.13 cents to finish at $2.5902 per gallon.

Heating oil fell 4.77 cents to end at $2.5874 per gallon.

Natural gas fell 2.8 cents to end at $2.5170 per 1,000 cubic feet.

On the ICE Futures exchange in London:

Brent crude lost $3.07 to finish at $92.69 per barrel.