Oil Falls After Inventory Report

Oil fell to $69.38 a barrel in trading Wednesday after the Department of Energy announced that fuel inventories rose last week, Bloomberg reported.

Crude oil for July delivery traded at $69.38 a barrel Wednesday on the New York Mercantile Exchange shortly after the Energy Department’s weekly report, Bloomberg said. That represented a decrease of $1.09, or 1.6%, from the previous day’s close.

DOE reported that gasoline inventories rose by 3.39 million barrels to 205 million barrels in the week ended June 12, Bloomberg said.

In another report released Wednesday, the American Petroleum Institute said that fuel demand fell more than 4% in May, largely due to curtailed demand for freight transportation and air travel, Bloomberg said.