NEW YORK, Jan.13 - Crude prices fell below 80 U.S. dollars on Wednesday as U.S. inventories increased.
The Energy Information Administration reported that the nation's oil supply rose by 3.7 million barrels last week while gasoline supplies grew by 3.8 million barrels.
Inventories of distillates, forecast to fall, rose by 1.4 million barrels.
Meanwhile, U.S. demand for petroleum products fell by nearly 1 percent from last year.
Crude futures tumbled after the report.
Light, sweet crude for February delivery was down 1.14 dollars to settle at 79.65 a barrel on the New York Mercantile Exchange.
In London, Brent crude for February delivery fell 99 cents to 78.31 a barrel on the ICE Futures Exchange.
The Energy Information Administration reported that the nation's oil supply rose by 3.7 million barrels last week while gasoline supplies grew by 3.8 million barrels.
Inventories of distillates, forecast to fall, rose by 1.4 million barrels.
Meanwhile, U.S. demand for petroleum products fell by nearly 1 percent from last year.
Crude futures tumbled after the report.
Light, sweet crude for February delivery was down 1.14 dollars to settle at 79.65 a barrel on the New York Mercantile Exchange.
In London, Brent crude for February delivery fell 99 cents to 78.31 a barrel on the ICE Futures Exchange.
