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Oil prices drop on inventory increase
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08:27, June 05, 2008

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Crude futures plunged Wednesday morning after the U.S. Energy Department's weekly report showed a rise in the inventories of gasoline and distillate fuels last week.

Light, sweet crude for July delivery dropped 2.21 U.S. dollars to 122.10 dollars a barrel on the New York Mercantile Exchange. Crude futures hit an all-time peak of 135.09 dollars a barrel on May 22.

According to the U.S. Energy Department's inventory report, gasoline supplies rose by 2.9 million barrels, much more than the 900,000 barrels predicted by economists. Distillates fuels supplies increased by 2.3 million barrels, while analysts had expected it to rise by 1.6 millions.


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