BANGKOK (AP) — The price of oil fell today ahead of the release of a report expected to show supplies still burgeoning.
Benchmark oil for May delivery was down 50 cents to $96.69 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract gained 12 cents to finish at $97.19 yesterday, buoyed by strong reports on U.S. auto sales and factory orders.
The market is watching for the latest reports on supplies of oil and petroleum products. Analysts expect oil supplies rose by 2.5 million barrels last week.
Supplies are already more than 9 percent above year-ago levels, a figure that is hard to ignore no matter how rosy economic data out of the U.S. might look.