Oil edges down but still above $103

The Associated Press

The price of oil drifted down Friday after U.S. crude inventories rose in a possible sign of slack demand.

Benchmark U.S. crude for July delivery was down 38 cents to $103.20 a barrel at 0835 GMT in electronic trading on the New York Mercantile Exchange. The contract added 86 cents to close Thursday at $103.58.

The Energy Department said Thursday that U.S. crude oil inventories rose by 1.7 million barrels during the week ended May 23.

Oil’s fall was limited Friday by a higher demand outlook for the summer and a decrease in oil supplies at the Cushing, Oklahoma hub for storage of benchmark crude.

Brent crude, a benchmark for international oils, inched down 10 cents to $109.87 a barrel in London.

In other energy futures trading on Nymex:

– Wholesale gasoline was down 0.3 cent to $2.999 a gallon.

– Natural gas added 1.8 cents to $4.577 per 1,000 cubic feet.

– Heating oil dipped 0.2 cent to $2.922 a gallon.

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