Oil prices drop as supplies soar - FOX 8, WVUE, fox8live.com, weather, app, news, saints

Oil prices drop as supplies reach highest level since 1990

New York, New York  - The price of oil is lower for a sixth straight day following reports that U.S. crude supplies are at the highest level in 22 years.

Benchmark U.S. crude fell 82 cents to $96.19 per barrel in New York, while Brent crude lost 63 cents to $112.10 a barrel in London.

Prices fell earlier this week on disappointing jobs growth in the U.S. and doubts about Europe's ability to fix its economy.

On Wednesday the government said U.S. oil supplies grew by 3.7 million barrels, raising the nation's supply to the highest level since 1990. Oil and gasoline demand also fell last week, when compared with the same time last year.

At the pump, retail gasoline prices fell by more than a penny to a national average of $3.75 per ga

(Copyright 2012 by The Associated Press. All Rights Reserved.)

AP-NY-05-09-12 1117EDT

 

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