NEW YORK (AFP) - Oil prices tumbled Wednesday as supply concerns eased after a bigger-than-expected increase in gasoline reserves was reported in the United States.
The threat to supply from Hurricane Dolly in the Gulf of Mexico diminished as the storm veered away from offshore oil installations.
nn, analyst at Alaron Trading, said the market was influenced by recent comments from Philadelphia Federal Reserve president Charles Plosser, "who said US monetary policy is between a rock and a hard place and that an interest rate increase could come faster than expected," Flynn said.

By Richard Valdmanis NEW YORK (Reuters) - Oil prices fell $4 to a six-week low on Wednesday after a U.S. government report reinforced concerns high prices and economic turmoil were slashing into the nation's energy demand.
The slide extends oil's losses to more than $20 from the all-time peak above $147 a barrel hit July 11 -- the steepest drop in dollar terms in the market's history.
xpected to cause any lasting disruptions to oil production from the Gulf of Mexico. Continued...

Inventory report shows higher-than-expected stockpiles of crude and gasoline, as demand for oil products slumps. Bearish Fed Beige Book worries traders that demand destruction will continue.
er-than-expected inventories and a Federal Reserve report showed a weakening economy.
line in the United States has fallen 2.4% from the same period last year, according to the EIA report. In a weekly pump spending survey conducted by MasterCard, demand for gas in the United States fell last week for the 13th week in a row.

NEW YORK (AP) - Oil prices headed back lower Wednesday, failing to sustain a brief push into positive territory, after the government reported gasoline supplies rose far more than expected.
Light, sweet crude for September delivery was trading down 98 cents at $127.44 a barrel by early afternoon on the New York Mercantile Exchange, after earlier swaying between modest gains and even bigger losses. The August contract expired Tuesday at $127.95.
ysts had expected an increase of only half a million.

HOUSTON, July 23 - Energy prices resumed their decline July 22 on the New York Mercantile Exchange, wiping out all gains from the previous session as it became clear that Hurricane Dolly posed no threat to oil and gas production in the Gulf of Mexico.
The hurricane was 40 miles east of Brownsville, Tex., at 8 a.m. central time July 23, moving northwest at 8 mph. Its wind speed was 95 mph, just short of Category 2 strength. It was expected to strengthen before making landfall at midday. Texas citrus crops are in more danger from the storm than offshore oil and gas production, with 5-10 in. of rain and locally higher amounts predicted for South Texas. Widespread flooding also

HOUSTON (Reuters) - Hurricane Dolly battered the south Texas coast on Wednesday and raised fears that crude oil shipments to nearby refineries might be cut,

By Polya Lesova, MarketWatch NEW YORK (MarketWatch) -- Crude-oil futures continued their decline Wednesday, as concerns faded that Hurricane Dolly would

Oil prices continued to fall from record highs this month, as fears eased Hurricane Dolly would hit oil and gas supply and US demand dwindled.

By Christian Schmollinger and Grant Smith July 23 (Bloomberg) -- Crude oil fell for a second day after forecasters said Hurricane Dolly will miss fields in