Crude oil futures dropped well below $64 Wednesday after traders took profits from recent highs, and jitters over high gasoline demand eased.
Price initially rose after U.S. Department of Energy data showed the nation’s supply of gasoline fell by 5 million barrels, putting inventories at 198.1 million barrels, or 12 percent below last year. Front-month September crude futures fell $2.83 to settle at $63.25 on the New York Mercantile Exchange, down nearly 6 percent from Friday’s record peak of $67.10.
