Oil prices fell today after the government released a report showing that crude inventories have continued to grow, indicating that the demand for oil and gasoline will not rebound anytime soon. Light, sweet crude for February delivery fell 50 cents to settle at $37.28 a barrel on the New York Mercantile Exchange.
The Energy Department’s Energy Information Administration reported that crude inventories grew by 1.2 million barrels for the week ended Friday. That was below the expectation of 3 million barrels, according to the average of estimates in a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
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