Oil and natural-gas prices fell to their lowest levels of 2010 on Wednesday after the U.S. government reported that petroleum inventories grew more than expected. The Energy Department said the country"s oil supplies increased by 3.7 million barrels last week, well above the average for this time of year. Gasoline inventories grew by 3.8 million barrels, the department"s Energy Information Administration (EIA) said in its weekly report. U.S. demand for petroleum products fell by nearly 1 percentage point from a year ago, showing the country is using less energy now than when it was in recession, the EIA said. Oil prices had been rising steadily this month, advancing to a 15-month high near $84 a barrel as freezing weather crossed parts of the United States, Europe, and China. The rally in crude prices has pushed U.S. gasoline prices higher every day since late December. Retail prices rose 1 cent overnight to a new national average near $2.76 a gallon (3.8 liters), according to three price-tracking organizations. A gallon of gasoline is 15.4 cents more expensive than in December and 96.7 cents more expensive than a year ago.
