June 26, 2013 10:41:07 AM
BANGKOK -- The price of oil fell below $95 a barrel today as traders awaited the latest U.S. government report on energy supplies.
Benchmark oil for August delivery was down 74 cents to $94.58 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 14 cents to end at $95.32 a barrel on Tuesday
Carl Larry of Oil Outlooks and Opinions said in a commentary that he expects to see a drop in crude supplies when the U.S. Energy Department issues its weekly report on oil and gasoline supplies later in the day. The nation's supply of crude oil is near a record level, while gasoline supplies remain high because of tepid demand.
"Yes, the market seems well supplied, but that's because it's well under normal demand," Larry said.
1. Two arrested in Motel 6 robbery COLUMBUS & LOWNDES COUNTY
3. First Vote: A Dispatch special series COLUMBUS & LOWNDES COUNTY
4. 'Night Out' events set for Tuesday COLUMBUS & LOWNDES COUNTY
5. Gosney assumes CAFB command COLUMBUS & LOWNDES COUNTY