NEW YORK (AP) - Oil prices dropped Wednesday after the government said U.S. supplies grew more than expected last week.
Benchmark West Texas Intermediate crude fell $1.53 to finish at $102.67 per barrel in New York, while Brent crude lost 81 cents to end at $117.97 per barrel in London.
The Energy Information Administration reported that U.S. crude oil supplies grew by 3.9 million barrels last week. Analysts expected an increase of 400,000 barrels. The government's weekly report also said that U.S. oil demand dropped 2.7 percent, gasoline demand fell 2.8 percent, compared with a year ago.
The data suggests motorists aren't filling up as much ahead of the summer driving season.
U.S. retail gasoline prices dipped slightly to a national average of $3.899 per gallon, according to AAA, Wright Express and Oil Price Information Service. The national average has declined by 2.6 cents this month, and it's now it's just barely under $3.90 for the first time since March.
Experts say that gasoline prices have leveled off this month, but they're likely to rise to around $4 per gallon during the next few weeks as more refiners switch to producing summer blends of fuel.