Oil Falls

NEW YORK (AP) -- Oil prices fell Wednesday even after the government reported a drop in crude supplies. Traders focused instead on government data showing waning demand for energy.

Benchmark crude for November delivery lost $1.31 to settle at $69.57 on the New York Mercantile Exchange.

In Asian trading Thursday, oil prices rose back above $70 a barrel.

The Energy Information Administration reported that the nation's oil supply dropped by 1 million barrels last week. The drop was unexpected -- analysts thought stockpiles would grow by 1.9 million barrels -- but investors found little else to like in the report.

Tom Kloza, publisher and chief oil analyst at Oil Price Information Service, said crude demand continues to be unimpressive, noting that the U.S. still has more oil in storage than last year.

Consumption has cooled so much that Sunoco announced it will idle its Eagle Point refinery in Westville, N.J. As part of the decision, Sunoco said it would furlough 400 workers and cut its dividend.

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