Oil prices fall slightly Wednesday

New York -- Crude oil prices wavered Wednesday, then edged down 23 cents in the late afternoon to $118.35 a barrel on the New York Mercantile Exchange.

Crude prices dropped as the Energy Information Administration said U.S. stockpiles of crude oil rose by 1.7 million barrels to 296.9 million barrels on the week ending Aug 1.

Heating oil prices fell 0.0079 cents in late trading to $3.23 per gallon.

Reformulated blendstock gasoline prices fell 0.0038 cents to $2.9455 per gallon. Natural gas prices rose 0.02 cents to $8.775 per million British thermal units.

Crude oil gained in early trading in New York to $119.48 per barrel before it settled at $118.35.

A monthlong retreat in oil prices has erased more than 25 cents a gallon from gasoline prices.

The national average retail price of unleaded gasoline fell 0.009 cents to $3.862 per gallon Wednesday, 25.2 cents below its July 17 record, the AAA Daily Fuel Gauge Report said.

Copyright 2008 by United Press International.