2 Comments for this article

Tags: , , ,

NEW YORK (AP) — Oil is falling after more signs that supplies of petroleum products are rising and demand is falling in the US.

An industry survey by the American Petroleum Institute says that US crude supplies unexpectedly grew by 3.2 million barrels last week. The government’s Energy Information Administration will release its official figures on Wednesday as well.

Benchmark crude for June delivery lost $1.39 at $109.66 per barrel on the New York Mercantile Exchange. In London, Brent is down 85 cents at $121.60.

MasterCard SpendingPulse in its weekly survey said Americans are buying less gasoline. SpendingPulse said the four-week average of retail gas demand dropped for the sixth consecutive time.

Pump prices are still rising. The national average is $3.982 per gallon, up more than a dime from a week ago.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

Comment on this Story

Related News

Shell Gas Prices as of April 13, 2017
1 month ago
1 Comments for this article
AAA: Gas prices up ahead of Easter
Read More»
Ford
2 months ago
0 Comments for this article
Trump says Ford investing in 3 Michigan auto plants
Read More»
Home prices up
2 months ago
0 Comments for this article
US home prices rose in January by most in 2 ½ years
Read More»