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Ample supplies push oil down 1 pct

3 years ago October 18, 2012 Oct 18, 2012 Thursday, October 18 2012 Thursday, October 18, 2012 9:19:58 AM CDT in News
Source: Associated Press

NEW YORK - The price of oil is falling on expectations that China is less likely to roll out a stimulus program for its improving economy.

U.S. benchmark oil fell 94 cents, or 1 percent, to $91.18 a barrel in morning trading. Brent crude, which many U.S. refiners use to make gasoline, fell $1.42, or 1.3 percent, to $111.80 in London.

The slide in China's growth rate slowed in the third quarter, data showed Thursday. That lowered expectations that the Chinese government will introduce new measures to stimulate the economy and boost demand for oil.

Also, U.S. oil and gasoline supplies are much higher than expected.

Retail gasoline prices continued a recent slide, though they remain at record high for this time of year. The national average retail price is $3.74 per gallon.

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