NEW YORK – Oil prices are falling on a government report that crude inventories are declining less than expected.
The Energy Information Administration said Thursday that inventories fell by 2.2 million barrels last week. S&P Global Platts had forecast a decline of 2.6 million barrels.
Benchmark U.S. crude is down $2.19, or 4.6 per cent, to $45.24 a barrel in afternoon trading on the New York Mercantile Exchange. Brent crude, the international price, is down $2.18, or 4.5 per cent, to $46.62.