BUSINESS
12/07/2011 11:14 EST | Updated 02/06/2012 05:12 EST

Crude prices slide near US$100 per barrel on unexpected rise in US oil supplies

NEW YORK, N.Y. - Oil is falling to around US$100 per barrel after a U.S. government report shows supplies grew unexpectedly as demand for gasoline and other petroleum products dropped.

Benchmark West Texas Intermediate on Wednesday fell $1 to $100.28 per barrel in morning trading in New York.

Prices dropped after the Energy Information Administration reported that oil supplies increased last week by 1.3 million barrels.

Gasoline supplies also jumped more than expected, rising by 5.1 million barrels for the week ended Dec. 2.

Supplies are growing because of weak demand for oil-based fuels in the U.S.