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Date: Thursday 24 Jul 2008

LONDON (ShareCast) - Oil prices eased by $4 after US crude supplies rose more than expected.

The US energy department said Wednesday that inventories rose by 2.9m barrels in the week ending July 18. Expectations were of a rise of only half-a-million.

Stockpiles of distillate fuel rose by 2.42m barrels.

The report also showed that total petroleum consumption over the last four weeks was 2.1% lower than the same period last year.

Light, sweet crude for September delivery dropped $3.98 to finish at $124.44 a barrel, also helped by the fading threat of Hurricane Dolly on the oil installations in the Gulf of Mexico.

Gold prices also slumped due to the lower oil prices and the surging dollar. It fell $25.70 to $922.50 an ounce.

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