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Oil price falls nearly $4 US

Last Updated: Wednesday, July 23, 2008 | 5:07 PM ET

CBC News

Oil prices slid again Wednesday after a positive U.S. government inventory reports and a rise in the U.S. dollar against the euro.

Crude oil was down $3.98 a barrel to $124.44 in trading on the New York Mercantile Exchange. That follows a drop of $3.09 on Tuesday.

The price slid after the U.S. government reported that crude supplies fell less than expected in the week ended July 18, and that there was more gasoline in stockpiles than had been expected.

Concern that Hurricane Dolly might damage U.S. production in the Gulf of Mexico dwindled as the storm neared the Texas/Mexico border.

Because oil is in priced in dollars, its price falls as the greenback gains against other currencies.

Oil's high was on July 11, when it traded above $147 a barrel.

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