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.