Oil Prices Drop Below $102 in U.S.

Crude oil futures fell $2.54 per barrel on the New York Mercantile Exchange on Wednesday to close at a seven-week low of $101.47.

Analysts say the decline was triggered by a report from the U.S. Energy Information Administration that crude inventories last week unexpectedly surged to the highest level since last June because of rising production and declining demand.

Brent oil futures fell $2.52 to close at $122.34 per barrel on the London-based ICE Futures Europe exchange.