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Oil Report Lowers Price of Nymex Contracts

Crude oil's recent price below $97 a barrel continued Wednesday as the Energy Department announced increased inventories for the week ending May 4.

The bellwether energy price had opened the week below $97 after weeks after weeks of lingering above the $100 level. disappointing US jobs report and Greece and France elected candidates who campaigned against austerity measures.

But the DOE report that crude oil stocks had climbed 3.7 million barrels to 379.5 million continued to put downward price.

Stock markets were generally off around the globe as the weekend drew to an end, indicating investor apprehension about economic growth.

Meanwhile, gasoline prices continue to ease from their 2012 highs, with AAA reporting an average price of $3.75 for a gallon of regular.


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