Crude Oil Prices Fall Monday on Supply Forecasts

rude oil prices fell Monday on reports U.S. inventories may be adequate to blunt the effect of storms, Bloomberg reported.

Benchmark light sweet crude oil futures fell 77 cents to close at $57.32 a barrel on the New York Mercantile Exchange, Bloomberg said.

Crude oil prices had reached a record closing price of $62.10 on July 6, which was followed July 11 by record diesel and gasoline retail prices.

Bloomberg also reported that the cost of shipping oil via supertankers may rise for a fifth straight week as the supply of ships dwindles.