Crude Oil Closes at Two-Week Low of $53.81

The price of crude oil on the New York Mercantile Exchange fell roughly 4% in trading Wednesday before closing down $2.22 at a two-week low of $53.81, news services reported.

Bloomberg said the closing price on Wednesday was $53.81 – the lowest closing price for crude oil since March 4 when the trading day ended with the price at $53.78 a barrel.

Reuters reported that prices fell after the Department of Energy issued a report saying U.S. crude oil inventories rose 4.1 million barrels last week to 309.3 million barrels – their highest level since July 2002.