Prices for light, sweet crude oil fell modestly on the New York market Apr. 15 while gasoline futures reached their highest level since Aug. 29, 2013, pending the release of a weekly US government report on oil and product inventories.
Gasoline inventories have dropped for 8 consecutive weeks, the US Energy Information Administration reported.
US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, increased 10 million bbl as of Apr. 11 from Apr. 4, EIA said. With an Apr. 11 estimated total of 394.1 million bbl, crude oil inventories are above the average range for this time of year.
Meanwhile, Brent crude oil prices fell during Apr. 15 trading on the London market, and analysts attributed the drop to easing worries about possible supply disruptions because US, European, Russia, and Ukraine representatives were scheduled to meet in Geneva starting Apr. 16.
