Oil down with Cushing inventory nearly flat

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Associated Press

Posted on December 5, 2012 at 4:36 AM

Updated Wednesday, Dec 5 at 12:30 PM

Oil prices are lower Wednesday after the government reported that stocks of crude are still running much higher than usual for this time of year.

Benchmark crude fell 24 cents to $88.26 in midday trading.

Oil prices were higher earlier in the day. But the weekly report from the Energy Information Administration shows that inventory has barely moved at the key oil hub in Cushing, Okla. That suggests that most refiners have all the supply they need for now, driving prices lower.

Nationally, inventories declined more than analysts expected, but supplies remain well above average.

AAA says gasoline prices at the pump are down slightly to a national average of $3.38 per gallon.

Natural gas prices are up 11 cents to $3.65 per 1,000 cubic feet.

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