Oil prices fall as US government report indicates surge in supplies of gasoline and dip in crude stockpiles

06-Dec-12
New York's main contract, West Texas Intermediate for delivery in January, closed at US$87.8 a barrel, while Brent North Sea crude for January fell by over a dollar to US$108.8 in London. Oil prices fell after a weekly US government report showed a surge in supplies of gasoline and other products while crude stockpiles fell.The Department of Energy reported crude oil supplies fell by 2.4 mln barrels in the week ended November 30, eight times more than expected. The supplies of distillates, which include diesel and heating fuel rose by three million barrels, while gasoline inventories spiked by 7.9 mln barrels, five times more than forecast. A slight strengthening of the dollar against the euro also weighed on crude oil prices.
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