Oil down as supplies of gas, other fuels grow

Oil prices fell today after the government said supplies of gasoline and other energy products rose last week as refineries increased production.

International issues also affected oil prices amid lingering speculation about Europe's financial crisis and the possibility that China, a huge importer of oil, could take more steps to control inflation. That could affect global demand.

Benchmark oil for January delivery lost 41 cents to settle at $88.28 a barrel on the New York Mercantile Exchange, a day after briefly topping $90 a barrel. Several analysts expect oil prices to stay between $85 a barrel and $90 a barrel for the near future.

Meanwhile, Americans watched the national average for regular gasoline rise to $2.968 a gallon today, according to AAA, Wright Express and the Oil Price Information Service. That's 11.4 cents more than a month ago and about 33 cents more than a year ago. The average price could reach $3 a gallon, or higher, before the end of the year, depending on how oil prices move in the coming days.