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Oil prices drop on US inventory increase
(Xinhua)
Updated: 2008-06-25 23:49

NEW YORK  -- Crude futures dropped Wednesday morning after the US Energy Department reported an increase in the crude inventory last week.

Light, sweet crude for August delivery fell 3.96 US dollars to 133.04 dollars a barrel as of 10:50 EST (1450 GMT) on the New York Mercantile Exchange.

Crude oil supply rose 803,000 barrels to 301.8 million barrels in the week ended June 20, according to the weekly report of the US Energy Department.

It is the first increase in six weeks, and analysts had predicted it would continue to fall.