NEW YORK (AP) -- The price of oil continues to decline as supplies grow in the U.S.
Benchmark U.S. crude on Wednesday fell by $1 to $92.98 per barrel in New York. It dipped to a seven-month low of $91.81 earlier and is down about 12 percent overall since the beginning of May.
Brent crude, which helps set the price of oil imported into the U.S., fell by 87 cents to $110.58 per barrel in London.
Prices fell after the government reported that U.S. oil supplies grew last week by 2.1 million barrels. That's more than analysts expected. Storage levels are now the highest in nearly 22 years. Prices tend to decline when more oil is available.
At the pump, retail gasoline prices were flat at a national average of $3.73 per gallon.