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.
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