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Oil price skids on potential buildup

Wednesday, May 16, 2012 10:41 AM

NEW YORK, May 16 (UPI) -- Crude oil prices dropped to nearly $93 a barrel on the New York Mercantile Exchange Tuesday as U.S. stockpiles are expected to have grown this week.

It would be the eighth consecutive week of an inventory buildup.

In New York, West Texas Intermediate crude oil for June delivery shed 86 cents to $93.12 per barrel, the lowest price since December. Natural gas for June delivery rose 7.3 cents to hit $2.573 per million British thermal units.

Home heating oil was down 0.13 cents to $2.9317 per gallon.

Gasoline lost 0.11 cents to reach $2.943 per gallon.

At the pump, the national average price of unleaded gasoline rose Tuesday to Wednesday from $3.727 per gallon to $3.728, AAA said.

(Source: UPI )
(Source: Quotemedia)

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