Oil prices fell Wednesday after U.S. energy stockpiles decreased today by a smaller amount than analysts expected.
Oil prices have tumbled in the last few years because growth in supplies has far outstripped demand. Benchmark U.S. crude fell 72 cents, or 1.4 percent, to $49.13 a barrel in New York.
Oil prices have tumbled in the last few years because growth in supplies has far outstripped demand. Benchmark U.S. crude fell 72 cents, or 1.4 percent, to $49.13 a barrel in New York.
Brent crude, the benchmark for international oil prices, lost 74 cents, or 1.5 percent, to $49.88 a barrel in London, The Associated Press reported.
That took energy companies lower. Chevron gave up 66 cents to $102.58 and Marathon Oil lost 26 cents, or 1.7 percent, to $14.83.
Reuters reported that after the U.S. Energy Information Administration (EIA) noted a stockpile decline of 917,000 barrels for the week ended June 17, prices began to fall.
Also on Wednesday the oil market was talking about this week's unusually large volumes in complex crude options on predictions that oil prices could fall by early next year.
Troy Vincent, analyst at New York-based crude cargo tracker ClipperData told Reuters he expected WTI to "move back below $49 this week," expressing concern over gasoline and distillate inventories.
Britain’s referendum on whether it will leave the European Union has investors braced for more market swings over currency gyrations likely to come with the vote. The U.S. dollar's moves help determine demand for oil among holders of other currencies.
Jim Ritterbusch of Chicago-based oil markets consultancy Ritterbusch & Associates said in a commentary that he advised a neutral position on oil until Britain’s referendum.
The Trucker News Services
Reuters reported that after the U.S. Energy Information Administration (EIA) noted a stockpile decline of 917,000 barrels for the week ended June 17, prices began to fall.
Also on Wednesday the oil market was talking about this week's unusually large volumes in complex crude options on predictions that oil prices could fall by early next year.
Troy Vincent, analyst at New York-based crude cargo tracker ClipperData told Reuters he expected WTI to "move back below $49 this week," expressing concern over gasoline and distillate inventories.
Britain’s referendum on whether it will leave the European Union has investors braced for more market swings over currency gyrations likely to come with the vote. The U.S. dollar's moves help determine demand for oil among holders of other currencies.
Jim Ritterbusch of Chicago-based oil markets consultancy Ritterbusch & Associates said in a commentary that he advised a neutral position on oil until Britain’s referendum.
The Trucker News Services
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