Oil is falling to around $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 $1.22 to $100.06 per barrel in morning trading in New York while Brent crude lost $1.23 to $109.28 in London.
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.