LONDON, May 14: The price of oil fell on Wednesday as traders digested rising US crude inventories and as profit-taking set in one day after striking a record high point $126.98 per barrel.

New York’s main oil futures contract, light sweet crude for June delivery, slid $1.06 to $124.74 per barrel. London’s Brent crude contract for June dropped $1.81 to $122.29.

The US Energy Information Administration (EIA) said on Wednesday that American crude oil reserves rose by 200,000 barrels in the week ending May 9. That was less than market expectations of a gain of 2.25 million barrels. The EIA added that US gasoline or petrol stockpiles fell by 1.7 million barrels, which was heavier than analysts’ consensus forecasts for a drop of 200,000 barrels.—AFP