NEW YORK (AP) — The price of oil bounced around Wednesday after the government reported a smaller than expected decline in oil supplies and a rise in gasoline inventories.
Benchmark crude for September delivery was down 5 cents to $105.25 in morning trading on the New York Mercantile Exchange. It fell to $104.67 immediately after the release of the supply data.
The U.S. government’s Energy Information Agency said crude oil supplies fell 1.3 million barrels last week. Analysts were expecting a drop of 2 million barrels, according to Platts, the energy information arm of McGraw-Hill. In addition, gasoline supplies rose by 100,000 barrels, while analysts had forecast a 1 million barrel decline.
At the pump, the average price of a gallon of gasoline fell 1 cent to $3.60. That’s down 3 cents over the past week.
Brent crude, traded on the ICE Futures exchange in London, was down 72 cents at $107.46 a barrel.
In other energy futures trading on Nymex:
— Heating oil fell 3 cents to $2.98 a gallon.
— Natural gas fell 7 cents to $3.25 per 1,000 cubic feet.
— Wholesale gasoline fell 3 cents to $2.89 a gallon.
Pamela Sampson in Bangkok contributed to this article.