NEW YORK -- Crude futures continued to retreat on Wednesday after the U.S. government data showed a rise in the inventories of gasoline and distillate fuels, signaling a slowing demand.
Light, sweet crude for July delivery dropped as low as 121.84 U.S. dollars a barrel before settling at 122.30 dollars a barrel, trading down 2.01 dollars on the New York Mercantile Exchange. Crude futures hit an all-time peak of 135.09 dollars a barrel on May 22.
According to the U.S. Energy Department's weekly inventory report, gasoline supplies rose by 2.9 million barrels to 209.1 million barrels, 3.3 percent higher than a year ago. The increase is much more than the 900,000 barrels predicted by economists.
Meanwhile, supplies of distillate fuels, including diesel and heating oil, increased by 2.3 million barrels to 111.7 million barrels for the week ended May 30, while analysts had expected it to rise by 1.6 millions.
Wednesday's report indicated a drop in the crude oil inventories, but seemed to have little impact on oil prices.
In London, Brent crude for July delivery dropped 2.48 dollars to settle at 122.10 dollars a barrel on the ICE Futures Exchange.
Light, sweet crude for July delivery dropped as low as 121.84 U.S. dollars a barrel before settling at 122.30 dollars a barrel, trading down 2.01 dollars on the New York Mercantile Exchange. Crude futures hit an all-time peak of 135.09 dollars a barrel on May 22.
According to the U.S. Energy Department's weekly inventory report, gasoline supplies rose by 2.9 million barrels to 209.1 million barrels, 3.3 percent higher than a year ago. The increase is much more than the 900,000 barrels predicted by economists.
Meanwhile, supplies of distillate fuels, including diesel and heating oil, increased by 2.3 million barrels to 111.7 million barrels for the week ended May 30, while analysts had expected it to rise by 1.6 millions.
Wednesday's report indicated a drop in the crude oil inventories, but seemed to have little impact on oil prices.
In London, Brent crude for July delivery dropped 2.48 dollars to settle at 122.10 dollars a barrel on the ICE Futures Exchange.
