NEW YORK – The price of U.S. oil is falling as supplies continue to rise.
Benchmark crude on Monday fell 86 cents to $96.98 per barrel in New York.
U.S. crude supplies have increased for the past three weeks in the Midwest, and they’re expected to keep growing this year. Reports of President Barack Obama ordering new sanctions against Iran had no impact. The sanctions have been expected for some time, and analysts say any effect on supplies already has been priced in.
U.S. retail gasoline prices were unchanged at a national average of $3.48 per gallon.
Brent crude added 88 cents to $115.46 per barrel in London.