Markets

Oil down 4 percent, trade halted briefly by gasoline drop

Oil prices tumbled 4 percent on Wednesday as U.S. gasoline futures plunged limit down, triggering a brief halt in trade on the New York Mercantile Exchange.

Gasoline traded down 25 cents at midday in New York, stopping trade on NYMEX crude, heating oil and gasoline futures, as concerns the flooding along the Mississippi River would shut regional refineries eased.

Further weakness came after U.S. inventory data from the Energy Information Administration showed the first build in gasoline inventories in twelve weeks.

Crude and gasoline prices extended losses after trading resumed.

U.S. crude slumped $4.31 to $99.57 a barrel at 12:22 p.m. EDT. In London, Brent crude dropped $3.87 to trade at $113.76 a barrel.

U.S. gasoline for June delivery was down 26.62 cents, at $3.1135 a gallon.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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