|
WASHINGTON (AP) - Crude-oil futures fell Wednesday, dragged down by a steep drop in gasoline, even though fresh U.S. government data showed domestic supplies of oil and gasoline shrank last week.
Light sweet crude for May delivery fell 57 cents to settle at $61.77 a barrel on the New York Mercantile Exchange, where April gasoline futures plunged 10.3 cents, or 6 percent, to close at $1.7365 a gallon.
One broker said the drop in gasoline futures came despite shrinking supplies last week because the market is confident that, with refining activity climbing, more motor fuel is on the way.
|