NEW YORK --- Oil prices dropped below $69 a barrel on Wednesday. The fall came after government data indicated an increase in the domestic gasoline supply for the third straight week at a time of stagnant demand, the AP reported.
The Energy Department's weekly report said domestic gasoline supplies grew by 1.3 million barrels last week to 206.4 million barrels.
In addition, a monthly OPEC (Organization of Petroleum Exporting Countries) report reduced its demand forecast for 2006.
Nonetheless, oil prices are still about 40 percent higher than a year ago. Contributing factors include worries over the West's standoff with Iran over its nuclear program, supply disruptions in Nigeria and the coming hurricane season in the Gulf of Mexico.
Originally posted on Fleet Financials