ASP: Oil prices fall on high inventory levels, dollar
(AXcess News) New York - Crude oil futures in New York were down 71 cents per barrel, or nearly 1%, at $76.23 im mid-morning trading mostly due to higher supply levels in the U.S. which implies a slowdown in demand.
Future prices were as low as $75.73 per barrel Friday morning, its lowest level since mid-October, after a 3 percent drop in the previous trading session following yesterday's government report which showed US crude oil stocks rose an unexpected 1.8 million barrels last week and gasoline inventory levels jumped 2.5 million barrels.
In London, Brent crude oil on the ICE Exchange dropped 52 cent to $75.50.
Gasoline futures in New York were down 2 cents, or more than 1%, at $1.92 per gallon. While heating oil contracts fell 2.65 cents per gallon, or 1.3%, to $1.96.
