Oil Extends Slide as Supplies More than Expected

July 23, 2008 8:35:18 AM PDT
Oil prices are extending their slide after the government reported gasoline supplies unexpectedly rose and crude supplies fell less than analysts forecast last week. Crude supplies fell by 1.6 million barrels, slightly less than analysts surveyed by energy research firm Platts predicted. Gasoline stockpiles jumped by 2.9 million barrels. Analysts had expected a drop of half a million.

Neither figure would appear to give traders who have been largely selling off oil in recent days reason to change their behavior.

Light, sweet crude for September delivery is down $2.64 at $125.78 a barrel in morning trading on the New York Mercantile Exchange.