Oil Prices Fall As Supplies Up, Isaac Heads Inland

[Purveyor]

1 hour ago • Associated Press

The price of oil is dropping after U.S. crude oil supplies rose last week for the first time in a month.

Offshore oil facilities appeared to have incurred little impact from Hurricane Isaac as it swept through the Gulf of Mexico into Louisiana. That also depressed oil prices.

Benchmark oil fell $1.12 to $95.21 Wednesday in New York. Brent crude dropped 40 cents to $112.18 per barrel.

The government says crude inventories increased 3.8 million barrels to 364.5 million barrels last week. Analysts surveyed by Platts predicted supplies would drop by 2 million barrels.

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