Oil price falls near $101 as supplies rise

Oil price falls near $101 as supplies rise

NEW YORK (AP) — Oil prices dropped Wednesday, as weak U.S. energy demand pushed petroleum supplies sharply higher.

Benchmark crude fell by $1.15 to $101.08 per barrel in New York. Brent crude, which is used to price foreign oil varieties that are imported by U.S. refineries, fell 80 cents to $112.48 per barrel in London.

The Energy Information Administration’s weekly report on petroleum supplies showed gasoline demand fell by 4.8 percent last week from a year ago, while demand for all petroleum products dropped by 6.5 percent.