Oil slips to $104 as crude supplies seen rising
NEW?YORK (AP) -The price of oil slipped closer to $104 a barrel Monday as investors weighed expectations of rising U.S. crude stockpiles against tensions in Ukraine.
By early afternoon in Europe, U.S. crude for May delivery was down 42 cents to $103.95 in electronic trading on the New York Mercantile Exchange.
On Monday, the Nymex contract added 7 cents to close at $104.37.
Brent crude, an international benchmark for oil, was down 49 cents to $109.46 on the ICE Futures exchange in London.
U.S. crude supplies are seen having grown by 3.1 million barrels in the week ending April 18, with gasoline stocks falling by 1.7 million barrels, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.