NEW YORK(AP) Oil prices stalled in their climb toward $100 a barrel Wednesday after a government report said oil inventories fell less than expected last week while refinery utilization remained flat.
Oil investors largely viewed the report as neutral in that it confirmed a view that oil supplies are falling, but offered no real surprises. A larger than expected drop would most certainly have propelled oil past $100 a barrel for the first time.
Crude inventories did fall at the closely-watched New York Mercantile Exchange delivery terminal in Cushing, Okla., but that did not appear to be enough to propel prices sharply higher.
“We got kind of a mixed reaction,” said Phil Flynn, an analyst at Alaron Trading Corp. in Chicago.
At the pump, meanwhile, the national average price of a gallon of gas rose 1.9 cents overnight to $3.043, according to AAA and the Oil Price Information Service. Prices are up nearly 29 cents since mid-October and are 85 cents higher than a year ago.
Some analysts think oil prices have far outpaced levels that are justified by the underlying principles of supply and demand.