Oil falls as US supplies expected to increase

Wednesday 03 April 2013 07.29
Oil prices down in London and New York
Oil prices down in London and New York

The price of oil fell today ahead of the release of a report expected to show supplies still burgeoning.

Benchmark oil for May delivery was down 50 cents to $96.69 a barrel in electronic trading on the New York Mercantile Exchange.

Brent crude was down 37 cents to $110.32 per barrel on the ICE Futures exchange in London.

The market is now watching for the latest reports on supplies of oil and petroleum products. Analysts expect oil supplies rose by 2.5 million barrels last week, according to Platts.

US supplies are already more than 9% above year-ago levels, a figure that is hard to ignore no matter how rosy economic data out of the US might look.

Keywords: oil, brent