Oil falls near $100 as crude supplies seen rising
The price of oil dropped near $100 a barrel Tuesday on expectations that U.S. oil supplies rose last week.
Benchmark U.S. crude for April delivery dropped $1.09 to close at $100.03 a barrel on the New York Mercantile Exchange, the lowest price in a month.
Brent crude, used to set prices for international varieties of crude, rose 47 cents to $108.55 on the ICE Futures exchange in London.
Investors' expectations that the Energy Department will report an eighth straight weekly increase in oil supplies pressured oil prices.
Data for the week ending March 7 is expected to show an increase of 2.3 million barrels in crude oil stocks and a decline of 1.8 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
In other energy futures trading on Nymex:
- Wholesale gasoline gained 2 cents to $2.97 a gallon.
- Heating oil was down 1 cent at $2.96 a gallon.
- Natural gas lost 5 cents to $4.61 per 1,000 cubic feet.