US Inventories Not So Bad, Oil Is Falling

Oil price slipped after the US government report that the decline in the crude inventories was less than analysts had expected.

US light sweet August crude oil futures fell 74 cents to end at $56.72 a barrel, and September oil futures dropped 67 cents to $ 58.02 a barrel on the New York Mercantile Exchange.

In London, the September Brent crude-oil futures contract shed 71 cents to settle at $56.65 dollars per barrel on London's International Petroleum Exchange.
The Energy Department said US crude oil supply fell 900,000 barrels last week, less than the decline of 3.45 million barrels some analysts had expected earlier. US inventory of crude oil stood at 320.1 million barrels, or 7.1 percent above the five-year average