EIA inventories report drives lower crude oil prices

Crude oil prices fell again on Wednesday as the US Energy Information Administration reported that inventories of crude oil, gasoline, and distillates all rose last week in the United States.

Crude oil stockpiles were up by 3.2 million barrels while gasoline inventories added 2.7 million barrels and distillates in stock climbed by 2.2 million barrels during the week ending 17 October.

Demand worries pushed prices down after the EIA also reported that demand for oil products dropped 8.5 percent in the past four weeks over the same time last year.

West Texas Intermediate crude oil for December delivery was $5.28 lower to $66.90 per barrel on the New York Mercantile Exchange while at last report Brent crude was down $5.14 to $64.58 per barrel on the ICE Futures Exchange in London.

Nymex November gasoline futures were down 11 cents to $1.58 per gallon while December heating oil fell 9 cents to $1.20 per gallon and January natural gas dropped 4 cents to $7.28 per million British thermal units.