US oil prices fell nearly two percent yesterday after U.S. crude supply rose. U.S. light sweet crude for March delivery fell as much as 3.5 percent, to a low of $47.90 per barrel, before rebounding to settle at $48.78 per barrel on the New York Mercantile Exchange. The U.S. Energy Department reported that the supply of commercially available crude oil rose 3.4 million barrels last week, more than twice what market analysts had forecast. Although prices fell yesterday, crude oil is still near $50 per barrel as traders watch violence in Iraq and await an OPEC meeting this weekend in Vienna.
