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Oil price reverses morning gains, finishes down $1 at $96.27

Benchmark oil fell $1.19 to $96.08 per barrel in New York.

The Associated Press

8/23/2012

The price of oil is falling after a Federal Reserve official said further action to stimulate the U.S. economy may not be necessary.

Oil prices had risen earlier on Thursday after the Fed appeared ready to step in with another round of bond-buying. But then the president of the St. Louis Fed spoke on CNBC, saying Fed officials were considering new data that might make further action unnecessary.

Benchmark oil fell 99 cents to finish at $96.27 per barrel in New York. Oil prices have risen about $8 since Aug. 1, partly on hopes that the U.S., Europe and China would do more to increase economic growth. Slower growth cuts into demand for oil.

Natural gas prices also are lower after the government said that amount in storage was higher than expected.