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Oil down on rising US supplies, Europe data

6:12 AM, Mar 14, 2013   |    comments
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BANGKOK (AP) - Oil prices were pushed lower Thursday by higher-than-expected U.S. crude inventories and disappointing industrial production in Europe.

Benchmark oil for April delivery was down 24 cents to $92.28 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 2 cents to close $92.52 on the Nymex on Wednesday.

The U.S. Energy Department's Energy Information Administration said in its weekly report Wednesday that crude supplies rose by 2.6 million barrels to 384 million barrels. Analysts had expected an increase of 2.3 million barrels for the week ended March 8. The increase puts oil in storage 10.5 percent higher than levels one year earlier.

Sickly European economies are also keeping oil prices down.








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