Oil Down Slightly Ahead of US Supply Report

The price of oil fell slightly ahead of the latest report on supplies in the U.S.

Benchmark U.S. crude for June delivery fell 17 cents to close at $102.44 a barrel on the New York Mercantile Exchange. The more-heavily traded July contract gained 22 cents to $102.33.

Brent crude, a benchmark for international oil, rose 32 cents to $109.69 on the ICE Futures exchange in London.

Investors on Wednesday will be monitoring fresh information on U.S. stockpiles of crude and refined products.

Data for the week ending May 16 is expected to show a decline of 300,000 barrels in crude-oil stocks and an increase of 150,000 barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

At the gas pump, the average price of a gallon of gasoline fell 1 cent to $3.64. That’s down 3 cents from a month ago, and a penny cheaper than at this time last year.

In other energy futures trading in New York:

– Wholesale gasoline was flat at $2.96 a gallon.

– Natural gas added 8 cents to $4.55 per 1,000 cubic feet.

– Heating oil rose 1 cent to $2.95 a gallon.

This article appeared in print in the May 21st, 2014 edition of Hamodia.