Shows & Panels
- The 2014 Big Picture on Cyber Security
- AFCEA Answers
- Ask the CIO
- Connected Government
- Consolidating Mission-critical Systems
- Constituent Servicing
- The Data Privacy Imperative: Safeguarding Sensitive Data
- Eliminating the Pitfalls: Steps to Virtualization in Government
- Federal Executive Forum
- Federal Tech Talk
- Government Cloud Brokerage: Who, What, When, Where, Why?
- Government Mobility
- The Intersection: Where Technology Meets Transformation
- Maximizing ROI Through Data Center Consolidation
- Mobile Device Management
- The Modern Federal Threat Landscape
- Moving to the Cloud. What's the best approach for me
- Navigating Tough Choices in Government Cloud Computing
- Satellite Communications: Acquiring SATCOM in Tight Times
- Transformative Technology: Desktop Virtualization in Government
- Understanding the Intersection of Customer Service and Security in the Cloud
Shows & Panels
Oil falls to near $97 on ample supplies
Wednesday - 10/23/2013, 11:13am EDT
NEW YORK (AP) - The price of oil fell another 1 percent Wednesday on higher U.S. supplies of crude and weak demand for fuel.
Benchmark U.S. crude for December delivery was down $1.15 to $97.15 a barrel in midday trading in New York. The price has fallen 5 percent over the last week to its lowest level since late June.
Brent crude, which is used to price international oil used at many U.S. refineries, was down $1.32 to $108.65 per barrel.
The U.S. Energy Department said in a report issued Wednesday that oil inventories rose by 5.2 million barrels over the past week. That followed the government's report released Monday that showed a 4 million barrel increase in crude supplies for the week ended Oct. 11.
Gasoline inventories decreased by 1.8 million barrels, but supplies of both oil and gasoline are at the upper range of their average over the past five years.
Demand for fuels fell 1.5 percent compared to the same period last year.
Oil analyst Jim Ritterbusch said in a report Wednesday that the market looked "oversupplied" because of rising U.S. production.
Another factor in oil's recent decline, analysts say, is reduced risk of supply disruptions out of the Middle East _ and a possible return of more Iranian crude to the global market _ as talks between Iran and the West over Iran's nuclear program have re-started.
Meanwhile, the national average price of gasoline fell less than a penny to $3.34 per gallon. Robust supplies and falling crude prices are expected to push gasoline prices lower in the coming days, possibly below this year's low of $3.29 per gallon, set on Jan. 2.
In other energy futures trading on Nymex:
_ Wholesale gasoline fell 5 cents to $2.57 a gallon.
_ Natural gas rose 5 cents to $3.63 per 1,000 cubic feet.
_ Heating oil slipped 5 cents to $2.94 a gallon.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)