Oil Prices Fall as Crude Supply Rises

Halt of gulf production due to Isaac watched.


Oil prices fell Wednesday as U.S. supplies of crude rose for the first time in a month and finance ministers from industrialized nations pleaded with top producers to help lower crude prices and help the global economy.

Traders also watched for any reports of significant damage from Hurricane Isaac as it passed over oil facilities in the Gulf of Mexico. Nearly 95 percent of Gulf production was halted because of the storm.

Benchmark oil fell 84 cents to finish at $95.49 per barrel in New York. Brent crude, which is used to price international varieties of oil, fell 4 cents to $112.54 per barrel in London.