NEW YORK (AP) -- Crude oil and wholesale gasoline prices are lower after the U.S. reported a big increase in supplies.
Oil for January delivery dropped $1.07 to close at $97.44 Wednesday. January gasoline fell 2 cents to $2.66 a gallon.
The Energy Department reported that gasoline supplies rose 6.7 million barrels in the week ended Dec. 6, while distillate supplies increased by 4.5 million barrels.
Both increases were more than three times what analysts were expecting.
February gold fell $3.90, or 0.3 percent, to $1,257.20 an ounce. March silver rose four cents, or 0.2 percent, to $20.356 an ounce.
March wheat rose two cents, or 0.3 percent, to $6.4075 a bushel.
January soybeans rose 5.75 cents, 0.4 percent, to $13.44 a bushel.