Crude Price Declines on EIA Supply Report

Oil prices fell 72 cents Wednesday as the market contends with an oversupply of crude in storage.

The settlement price for a barrel of light sweet crude oil on Wednesday was $75.65, marking the second consecutive decline this week. A key contributor to the price drop was a U.S. Department of Energy report showing abundant stockpiles at the Cushing oil trading hub. In fact ,the Energy Information Administration reported that inventories hit a record last week.

The performance of the natural gas futures contract was a bit rosier Wednesday. The settlement price for gas was $4.28 per thousand cubic feet, edging out Tuesday's price of $4.13. Prices have been buoyed by encouraging economic news as well as recent colder-than-normal weather.

Gasoline prices were ended the day virtually unchanged, settling at $2.21 per gallon. The previous day's settlement price was $2.20.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Account Rep, Bus Dev, Sr
Expertise: Business Development|Sales
Location: Houston, TX
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: Tempe, AZ
Manager, Operations Excellence
Expertise: Executive
Location: Houston, TX
search for more jobs

Brent Crude Oil : $50.47/BBL 0.98%
Light Crude Oil : $49.72/BBL 1.09%
Natural Gas : $2.76/MMBtu 1.09%
Updated in last 24 hours