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Oil Prices Drop Ahead of US Stocks Data

Oil prices fell today as traders awaited the release of a U.S. government fuel stocks report expected to show gasoline inventories rose last week, according to the Associated Press.

The report was expected to show another drop in crude oil inventories, but increases in both refinery activity and gasoline supplies, according to a Dow Jones Newswires survey of analysts.

Light, sweet crude for September delivery fell 28 cents to $72.14 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract had risen 36 cents to settle at $72.42 a barrel on Tuesday.

Posted by Peter C. T. Elsworth  at 10:46 AM to Oil | Permalink

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