Oil ends lower with stocks
NEW YORK (AP) — The price of oil fell amid indications the Federal Reserve could soon ease up on its stimulus program.
U.S. benchmark crude for September delivery fell $1.26, or 1.2 percent, to close at $105.30 per barrel on the New York Mercantile Exchange. Earlier in the session, it traded as high as $107.27 after better-than-expected industrial order figures from Germany
In the past two days, members of the Federal Reserve have said that the central bank may be close to reducing a bond-buying program that has kept long-term interest rates low and boosted investment in riskier assets like stocks and oil. Stock markets fell Tuesday, with the Dow Jones industrial average losing 93 points to 15,519. Lackluster earnings reports from retailers also hurt stocks.
Brent crude, traded on the ICE Futures exchange in London, fell 52 cents to $108.18 per barrel.
In other energy futures trading on the Nymex:
— Heating oil fell 4 cents to $3.01 a gallon.
— Natural gas was flat at $3.32 per 1,000 cubic feet.
— Wholesale gasoline fell 4 cents to $2.92 a gallon.