Oil prices fell on Wednesday as traders awaited the release of a US government fuel stocks report expected to show gasoline inventories rose last week.
Light, sweet crude for September delivery dropped 22 cents to $72.20 a barrel in Asian electronic trading on the New York Mercantile Exchange in Singapore. The contract rose 36 cents to settle at $72.42 a barrel on Tuesday.
September Brent crude fell 38 cents to US$71.42 a barrel on the ICE futures exchange in London.
Some analysts see the recent price declines as a correction in a bullish market, driven largely by speculators selling off positions to lock in profits.
Oil futures were supported by news that ConocoPhillips shut down gasoline-producing equipment at two New Jersey refineries.
Heating oil futures lost 0.56 cent to $1.9585 a gallon (3.8 litres), while gasoline prices lost 0.41 cent to $1.9401 a gallon. Natural gas futures rose 5.1 cents to $6.252 per 1,000 cubic feet.
source:www.ndtvprofit.com
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