Oil falls below $94 ahead of US inventory figures

  • Article by: PAMELA SAMPSON
  • Associated Press
  • April 10, 2013 - 4:23 AM

BANGKOK - The price of oil fell below $94 a barrel Wednesday ahead of the release of supply figures expected to show an increase in crude stockpiles.

Benchmark oil for May delivery was down 23 cents to $93.97 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract gained 84 cents to finish at $94.20 a barrel on Tuesday.

Oil investors are waiting for fresh information on U.S. stockpiles of crude and fuels. Data for the week ending April 5 is expected to show an increase of 1.4 million barrels in crude oil stockpiles, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

The Energy Department's Energy Information Administration releases its report Wednesday morning.

Michael Hewson of CMC Markets said that "the likelihood of a rise in inventories later this week is serving to cap gains" in benchmark crude prices.

Brent crude, which sets the price of oil used by many U.S. refineries to make gasoline, fell 24 cents to $105.99 per barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

_ Wholesale gasoline fell 4 cents to $2.903 per gallon.

_ Natural gas rose 2.6 cents to $4.043 per 1,000 cubic feet.

_ Heating oil rose 0.2 cents at $2.963 per gallon.

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