Oil prices fell Wednesday on a U.S. inventories report showing the first rebound for gasoline stocks in three months, AP reported. The increase could relieve pressure on U.S. retail gasoline prices, which have risen to near-record levels ahead of the summer driving season. Inventories remain well below levels a year ago, however, and persistent problems at the nation's refineries and escalating violence in Nigeria's oil region could drive prices still higher. Marking the first increase in 13 consecutive weeks, gasoline stocks rose an average of 400,000 barrels last week to 193.5 million barrels, slightly ahead of analyst expectations. Light, sweet crude for June delivery fell 90 cents to $61.36 a barrel in afternoon electronic trading on the New York Mercantile Exchange. June Brent crude dropped 60 cents to $64.94 a barrel on London's ICE Futures exchange. Gasoline futures edged up .05 cent to $2.2050 a gallon. Meanwhile, the nationwide average price for regular unleaded was $3.03 per gallon (80 cents a liter) Wednesday, up from $2.78 last month and $2.90 last year, according to AAA's daily survey of self-serve stations.
