NEW YORK — The price of oil is falling after the government said U.S. supplies grew more than expected.
Benchmark West Texas Intermediate crude gave up $1.30 to $102.90 per barrel in New York while Brent crude lost $1.20 to $117.58 per barrel in London.
The Energy Information Administration reported that oil supplies grew by 3.9 million barrels last week. Analysts were expecting an increase of 400,000 barrels. The government's weekly report also said that U.S. oil demand dropped 2.7 percent while gasoline demand fell 2.8 percent when compared with a year ago.
Meanwhile, U.S. retail gasoline prices dipped slightly to a national average of $3.899 per gallon.
