Light sweet crude oil futures for September delivery fell $2.83 to $63.25 a barrel on the New York Mercantile Exchange.
On Wednesday, the Department of Energy released its weekly inventory report, showing that oil inventories were almost 10 percent higher than a year ago. With the US Labor Day holiday less than three weeks away, refineries were turning their focus to heating oil, whose stockpiles were up 12 percent from this time last year.
