Wednesday, March 14, 2012

Energy futures fall after Energy Department reports unexpected jump in oil, gasoline supplies

Energy futures fell Thursday after the government reported unexpected increases in crude oil and gasoline inventories last week and OPEC forecast fourth-quarter demand for oil would be less than expected.

In its weekly inventory report, the Energy Department's Energy Information Administration said oil inventories rose by 2.8 million barrels during the week ended Nov. 9. Analysts surveyed by Dow Jones Newswires, on average, had expected a decline of 300,000 barrels.

That helped send light, sweet crude for December delivery falling 66 cents to settle at $93.43 a barrel on the New York Mercantile Exchange after trading off more than $2 a barrel earlier. Crude …

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