NEW YORK, N.Y. - The price of oil fell about one per cent Tuesday on anticipation of another increase in U.S. crude supplies.
Benchmark oil for June delivery fell US$1.04 to finish at $93.46 per barrel on the New York Mercantile Exchange. Oil finished the month of April with a loss of almost 4 per cent, although it did climb back from a low of $86.68 on April 17.
Investors are waiting for fresh information on U.S. stockpiles of crude and refined products.
Analysts surveyed by Platts estimate that oil supplies rose by 1.4 million barrels in the week ended Friday, while gasoline supplies dropped by 900,000 barrels.
The report from the Energy Department's Energy Information Administration is released on Wednesday and tends to move the market. Oil has risen or fallen by more than two per cent following three of the last four inventory reports.
Brent crude, which is used to set prices of oil from the North Sea used by many U.S. refiners, fell $1.44, or 1.4 per cent, to end at $102.37 on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
— Wholesale gasoline fell three cents to finish at $2.80 a gallon.
— Heating oil retreated by three cents to $2.84 a gallon.
— Natural gas lost five cents to $4.34 per 1,000 cubic feet.
Pamela Sampson in Bangkok and Pablo Gorondi in Budapest contributed to this report.
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