Crude oil, gasoline inventories fall in US

Crude oil prices fell again on Wednesday despite new data showing that inventories of both crude oil and gasoline fell in the United States last week.  Crude oil stockpiles were down by 1.8 million barrels, about the amount analysts had expected, while gasoline inventories were 2.3 million barrels lower.  The decline in gasoline stockpiles was more than had been forecast.  In addition, demand for gasoline was up 1.7 percent compared to last year at the same time, to 9.61 million barrels per day, only slightly lower than last weeks record demand of 9.7 million barrels per day.

Brent crude for September delivery  was 61 cents lower to $73.19 per barrel in London, while West Texas Intermediate September contracts on the New York Mercantile Exchange fell by 55 cents to $72.50 per barrel.  Nymex September unleaded gasoline was up 0.5 cents to $1.9950 per gallon.