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Oil prices fall to lowest level in 6 months

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November 27, 2013 04:02 PM EST | AP


NEW YORK (AP) — Oil prices are falling to their lowest level in nearly six months after the government reported the 10th straight weekly increase in U.S. crude supplies.

Benchmark U.S. crude for January delivery fell $1.38, or 1.5 percent, to close at $92.30 a barrel Wednesday. Trading was light due to the holiday-shortened week.

The Energy Department said the nation's crude supplies rose by 3 million barrels, or 0.8 percent, last week, and the government said supplies are above average for this time of the year.

In other energy commodities, wholesale gasoline, heating oil and natural gas prices rose.

In metals, gold prices fell $3.60 to $1,237.80 an ounce. Silver, copper, platinum and palladium fell as well.

Agricultural commodities were mixed. The price of wheat and corn rose while soybeans fell.