The price of oil fell below $95 a barrel today, parting ways with rising stock markets, as ample supplies keep buying appetite in check.
Benchmark oil for July delivery was down 54 cents to $94.47 a barrel in electronic trading on the New York Mercantile Exchange.
The contract rose 86 cents to close at $95.01 a barrel in New York yesterday. It was the first gain for oil in five trading sessions.
Brent crude, a benchmark for many international oil varieties, was down 16 cents to $104.07 a barrel on the ICE Futures exchange in London.
Positive signs for the US economy helped oil prices break a falling streak yesterday. US home prices rose the most in seven years and consumer confidence reached a five-year high.
But the reality of ample supplies and run-of-the-mill demand worked in tandem to keep energy prices in check, traders said. They said that the US supply is near record highs and demand is playing catch up as slow as the economy is recovering.
