Oil Prices Tumble Again on U.S. Surprise Supply Jump

By: Associated Press
By: Associated Press

NEW YORK (AP) - Oil prices are tumbling, extending a massive
sell-off the previous day, after of the government reported that
U.S. crude supplies unexpectedly jumped last week.

Light, sweet crude for August delivery is down $6.44 at $132.30
a barrel in morning trading on the New York Mercantile Exchange.

The Energy Information Administration reported U.S. crude oil
supplies jumped by three million barrels last week. That is the
opposite of the three million barrel decline analysts surveyed by
energy research firm Platts expected.

Gasoline supplies also jumped unexpectedly.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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