Oil Futures drop below $125/bbl

July 23, 2008 · Filed Under Fuels

Source: Bloomberg.com

Crude oil futures fell below $125 a barrel for the first time in seven weeks after a U.S. government report showed that fuel stockpiles increased as consumption tumbled to the lowest in more than a year.

Gasoline supplies rose 2.85 million barrels last week, the Energy Department reported. Stockpiles of distillate fuel, a category that includes heating oil and diesel, climbed 2.42 million barrels. U.S. fuel demand averaged 19.9 million barrels a day, the lowest since January 2007.