Oil price falls more than 2 percent Wednesday trading

US Light crude oil for December delivery fell $2.09, more than 2 percent, trading down to settle at $77.46 a barrel on the NYMEX at the close on Wednesday, while in London, Brent crude oil futures for December delivery fell $2.06 to settle at $75.86 on the ICE Futures exchange.

The US Energy Department reported a higher than expected jump in US gasoline supplies, retail gasoline prices have ticked upward since the middle of the month, around the same time that crude futures rose above $75 per barrel for the first time this year. The rising cost of crude and ensuing production cuts by refiners who are also stung by those prices has helped push gasoline prices higher for 15 days in a row.

US Gasoline supplies rose by nearly 2 million barrels though many energy analysts had expected supplies to fall for a third week in a row.

Oil prices were also affected by a downturn in global stock markets with the FTSE, DAX and CAC 40 all ended Wednesday lower by over 2 percent.

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