Oil falls after OPEC Inventory Report

New York -- New York crude oil prices fell to near $62 a barrel Tuesday after OPEC said inventories were more than enough to meet summer-driving fuel demand.

Light, sweet crude for June delivery lost 32 cents to $62.14 in mid-morning trading on the New York Mercantile Exchange.

"Heading into the driving season, crude oil stocks are more than adequate to meet expected demand. However, gasoline stocks are low for this time of year," the Organization of the Petroleum Exporting Countries' monthly report said.

June natural gas lost 6.7 cents to $7.885 per 1,000 cubic feet. June heating oil shed 2.02 cents to $1.8466 a gallon.

Reformulated gasoline blendstock for oxygen blending slipped 2.39 cents to $2.2773 a gallon.

AAA said Tuesday the average U.S. retail regular unleaded gasoline price was $3.087 a gallon, up 1.4 cents from Monday's $3.073 a gallon.

Copyright 2007 by United Press International.