On Wednesday, the price of a barrel of WTI crude oil fell below $100 in New York and gasoline tumbled 25.69 cents, the most in more than two years, after an Energy Department report showed that US petroleum inventories were up more than expected. Crude dropped 5.5% after the department said stockpiles jumped 3.78 million barrels to 370.3 million last week. US crude oil inventories are the highest since the week of May 8, 2009, when the price of a barrel was $58.63.
Last week, gasoline inventories unexpectedly increased 1.28 million barrels to 205.8 million, the first gain in 12 weeks. Gasoline inventories are the highest since the week of May 8, 2009, when the pump price of a gallon of gasoline was $2.195. Total fuel consumption declined 0.9% to 18.2 million barrels a day, the lowest level since June 2009.