Oil Slides 2.6% to Lowest Level in Two Weeks

Crude oil futures fell Thursday, joining a broader drop across commodity markets, with natural gas futures bucking the trend and adding to gains after a weekly inventories report.

Crude for June delivery lost $2.68, or 2.6 percent, to settle at $102.54 a barrel on the New York Mercantile Exchange. That was oil's lowest close in two weeks.

Wednesday's crude inventories report showed another large increase, the sixth in a row and one that put crude supplies at a 21-year high.

Natural gas futures took the opposite track, up 3.9 percent after their own supply report Thursday. The June contract rose nine cents to $2.34 per million British thermal units.

The Energy Information Administration on Thursday reported an increase of 28 billion cubic feet (bcf) for the week ended April 27. Analysts polled by Platts had expected an increase between 30 billion cubic feet and 34 bcf.

In other action Thursday, June gasoline retreated three cents, or 0.8 percent, to end at $3.05 a gallon. Heating oil for the same month's delivery was off six cents, or 1.8 percent, to $3.09 a gallon.