Dave Arnston/Bloomberg News
Oil fell more than $5 on Wednesday — down from a $100-plus per-barrel closing price on Tuesday — after OPEC said it would lift its production ceiling and a government report showed gasoline and diesel inventories rose last week.
Crude futures fell $5.19 to $94.95 a barrel on the New York Mercantile Exchange, the biggest decline since September, Bloomberg reported.
Futures gained $2.37 Tuesday to finish at $100.14 per barrel, the first time since in almost a week oil finished over the $100 mark, Bloomberg figures showed.
OPEC’s move to lift its ceiling to 30 million barrels a day was its first change in three years and moves the cartel’s supply target nearer to current actual output, Bloomberg said.